Bustling Bank Stocks Lift Market

Updated from 4:07 pm. EDT

Stocks in the U.S. blasted higher Tuesday as investors bet that the world's biggest banks are finally nearing the end of the mammoth writedowns that have plagued financial markets since last year.

The Dow Jones Industrial Average barely let up today, surging 393.91 points, or 3.2%, to finish at 12,656.80 -- only 3 points off the day's high. The S&P 500 vaulted by 47.48 points, or 3.6%, to 1370.18, and the Nasdaq Composite jumped 83.65 points, or 3.7%, to 2362.75.

Breadth was positive. Around 4.75 billion shares changed hands on the New York Stock Exchange, with advancers outpacing decliners by a 4-to-1 margin. Volume on the Nasdaq reached roughly 2.16 billion as winners beat losers 7 to 2. ...