By Chuck Mikolajczak
The market shrugged off a brief sell-off after Treasury Secretary nominee Timothy Geithner faced tough questioning at his confirmation hearing before a Senate committee.
The day after earnings results from State Street alarmed investors about losses in one of the safest parts of banking, earnings from rival Northern Trust Corp
PNC Financial Services Group Inc
"People are excited because financials are valued so low at this point. It's the mentality that they can't get any lower, but they've proven time and time again that they can," said Jocelynn Drake, market analyst at Schaeffer's Investment Research in Cincinnati, Ohio.
The Dow Jones industrial average <.DJI> rose 227.56 points, or 2.86 percent, to 8,176.65. The Standard & Poor's 500 Index <.SPX> gained 26.77 points, or 3.32 percent, to 831.99. The Nasdaq Composite Index <.IXIC> was up 49.02 points, or 3.40 percent, to 1,489.88.
International Business Machines Corp
Hearings on Geithner's appointment attracted the market's attention for much of the day as he is seen as Obama's point man in battling the economic crisis. As the president of the Federal Reserve Bank of New York since 2003, Geithner is expected to hit the ground running if confirmed as Treasury secretary.
A day after his historic inauguration, President Barack Obama was scheduled to meet this afternoon with his economic advisers, who are working with the Democratic-led Congress on an $825 billion fiscal stimulus package.
The financial sector drove gains in the S&P 500 following Tuesday's sharp sell-off, which was ignited by deepening fears of insolvency among banks.
The broad KBW index of bank stocks <.BKX> gained 5.5 percent, while the S&P financials index <.GSPF> advanced 6.1 percent.
JPMorgan Chase
On the downside, Wal-Mart Stores Inc
Apple
(Editing by Chizu Nomiyama)