(Financial winners story updated for market close, JPMorgan, trust and regional bank gains)NEW YORK ( TheStreet) -- Financial stocks were beneficiaries of the State Street ( STT) earnings surprise on Wednesday morning, but the rally in U.S. financial stocks gathered steam on Wednesday afternoon as part of the day-long equities surge. The Dow Jones Industrial Average climbed back over the 10,000 point mark, crude oil rallied, and the broad equity markets bullishness helped push financial stocks higher to sustain a full-day rally on Wednesday, unlike Tuesday, when an equities morning rally fizzled by the end of the day. None of the Wall Street firms could compete with the surge in State Street and the trust banks on Wednesday, with the Boston trust bank leading U.S. equity markets risers with a gain of 10%. More than 15 million shares of State Street were traded on Monday, more than twice its daily trading volume. A cadre of U.S. trust banks, including Northern Trust ( NTRS) and Bank of New York Mellon ( BK) joined the State Street rally, up close to 7% on Wednesday.
STI) up close to 9% at the Wednesday close, the largest rise among the regionals, fueled by M&A speculation -- British banking giant Barclays ( BCS) was reportedly considering a purchase of SunTrust or at least individual SunTrust assets. Warren Buffett banking sector favorite Wells Fargo ( WFC) had the biggest rally among major U.S. financial stocks, up 6% on Wednesday. Among the major Wall Street firms, the rally in share price extended in the afternoon session, though the bulge brackets couldn't keep pace with the regional and trust banks.