In point of fact, Wednesday's rally in the Wall St. was nearly entirely galvanized by an unprecedented rally of the bank stocks, while the S&P 500's financial index.SPSY, which rose roughly 10 per cent over the past two days and marked up its biggest two-day increases since April 8th-9th, had led the charges. The Nasdaq Composite Index increased 18.10 points, or 0.19 percent, to 9,358.32.
Hopes for potential COVID-19 vaccines under development have also helped propel stocks. Department store chains, which took some of the market's worst losses earlier this year when worries about the recession were peaking, surged amid optimism that life can inch back toward normal.
The Dow Jones Industrials popped 251.99 points, or 2.2%, to 25,247.10.
Investors have been emboldened by increased hopes of a coronavirus vaccine from a number of sources as well, few indications of a secondary spike in cases as states reopen and signs that the USA economy is crawling back towards normalcy from the pandemic shutdown.
Among the 11 major S&P 500 sectors, the Financials Index is up 3.1% in the early trade as the top-performer.
Tech-related shares are among the most sensitive to Chinese growth, said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute in St. Louis.
JPMorgan Chase rose 5.79 percent, Bank of America gained 7.0 percent and Citigroup jumped 8.5 percent. The market is coming off two days of gains that recouped some of the steep losses registered on Friday, after China unveiled plans to impose a national-security law on the city. All three, though, remain up at least 14 percent for the year so far.
In Europe markets finished higher, as Britain's FTSE-100 gained 1.26%, while France's CAC-40 climbed 1.79% and Germany's DAX rose 1.33%. The president of the European Commission called it "an ambitious answer", though it still needs to be endorsed by every country in the European Union.
In Asia, Japan's Nikkei 225 rose 0.7%, but other markets were weaker.
Amid the recent gains, US tensions with China have cast a cloud on markets.
USA crude oil for delivery in July fell 4.7 percent to $32.73 per barrel.
The Dow is down 2,990.17 points, or 10.5%.