Dow Soars More Than 400 Points

On the economic front, the sole government release revealed a February trade deficit that, at $58.2 billion, was slightly better than the expected $59 billion. That figure, issued by the Census Bureau, represents the value by which imports into the U.S. outweighed exports last month.

As for commodities, crude oil resumed its red-hot surge into prices never before seen, bouncing to $109.72, another record, before deflating to a gain of 85 cents at $108.75. Also, unleaded gas prices at the pump picked up slightly to a new U.S. record -- $3.227 a gallon, on average, according to AAA. Gold futures tacked on $4.30 to $974.20.

Treasury prices were pulling back. The 10-year bond tumbled 1-9/32 in price to yield 3.61%, and the 30-year note slid 27/32 in price, yielding 4.52%.

Overseas markets were mostly higher. The Nikkei 225 added 1% to 12,658.28, and Hong Kong's Hang Seng Index rose 1.3% to 22,995. As for Europe, the FTSE 100 Index of London gained 1.1%, and Germany's Xetra Dax was up 1.2%.