NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report were advancing in late-morning trading on Monday alongside other Brazil stocks as the Ibovespa rose to its highest level in nearly two years.

A gain in crude oil boosted shares of state-owned oil company Petrobras (PBR) as expectations for a quicker Brazilian economic recovery spurred bets on companies that depend on domestic demand, Bloomberg reports.

Improved prospects for exports and higher confidence in acting President Michel Temer's ability to bolster Brazil's finances have caused analysts to increase their gross domestic product outlook for the country in 2016 and 2017.

The Ibovespa has jumped 35% this year amid speculation that the country's economy will soon rebound, Bloomberg noted.

"The fact that stocks are holding at a high level shows consistency in the optimism," Paulo Henrique Amantea, analyst at the brokerage Guide Investimentos, told Bloomberg.

The Ibovespa was up 0.96% to 58,857.77 late this morning.

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