NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are rising 1.79% to $8.80 late Monday morning alongside the Ibovespa as two surveys boosted confidence in Brazil's recovery, Bloomberg reports.

One study showed that Brazilian optimism about the economy hit its highest level in 18 months.

This year, Brazilian stocks extended the largest rally among major benchmarks amid speculation that acting President Temer will be able to pull the country out of its worst recession in 100 years, Bloomberg noted.

Hope about the economy has increased as Brazilians were more confident about a deceleration in inflation, lower unemployment risks and improved purchasing power, according to a Datafolha poll over the weekend.

Another survey by the central bank showed that analysts had raised their growth outlook for next year, Bloomberg said.

The Ibovespa is up 0.77% to 56,004.36 this morning. The index posted its longest winning streak since October today.

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