Bank stocks turbocharged what was already a big market rally Tuesday, and all three major stock indexes posted their biggest gains of the year. The Dow Jones industrial average closed at its highest level since the end of 2007. The Nasdaq composite closed above 3,000 for the first time since December 2000.
Stocks climbed from the opening bell after the government said February retail sales gains were the strongest since September.
The Dow Jones industrial average rose 217.97 points, or 1.7 percent, to 13,177.68.
The Standard & Poor's 500 rose 24.87 points, or 1.8 percent, to 1,395.96.
The Nasdaq composite index rose 56.22 points, or 1.9 percent, to 3,039.88.
For the week:
The Dow is up 255.66, or 2 percent.
The S&P 500 is up 25.09, or 1.8 percent.
The Nasdaq is up 51.54, or 1.7 percent.
For the year so far:
The Dow is up 960.12 points, or 7.9 percent.
The S&P 500 is up 138.36 points, or 11 percent.
The Nasdaq is up 434.73 points, or 16.7 percent.