New York ? Fervent bargain hunters snatched up stocks discounted by two weeks of declines on Monday, sending the Dow Jones industrials soaring more than 190 points.

“What we have is a rebound from Friday. The market is in a really oversold condition,” said Peter Cardillo, president and chief strategist of Global Partner Securities Inc.

The Dow closed up 193.69, or 2.3 percent, at 8,627.40, more than wiping out Friday’s loss of 104.69. The Dow ended last week down 2.5 percent, its second straight weekly decline.

The broader market also was higher, bouncing off two consecutive losing weeks. The Nasdaq composite index rose 37.91, or 2.8 percent, to 1,400.33, having lost 4.2 percent last week. The Standard & Poor’s 500 index advanced 20.92, or 2.4 percent, to 910.40, following last week’s loss of 2.5 percent.

Investors sold shares in the previous two weeks to take profits from two months of Wall Street rallies, which were based on hopes that earnings and the economy will rebound in 2003. Analysts said occasional profit-taking was to be expected but optimism had overshadowed pessimism in the market.