Monster Financial Rally, Markets Jump, Oil Falls

Stock indexes closed sharply higher on a monster rally in the financial sector and falling oil prices. Financials led by Wells Fargo experienced their biggest rally of all time leading the DJIA to soar +276.74 to 11239.28, the Nasdaq to climb +69.14 to 2284.85 and the S&P 500 to advance +30.45 to 1245.36.

Wells Fargo (WFC | Quote | Chart | News | PowerRating) exploded up 32.33% or $6.63 to $27.14/share leading the market higher on increased revenues and a dividend boost.

Delta Airlines (DAL | Quote | Chart | News | PowerRating) climbed 29.12% or $1.36 to $6.03/share after beating analysts expectations.

Chicago Bridge and Iron (CBI | Quote | Chart | News | PowerRating) collapsed 15.97% or $5.81 to $30.58/share after analysts cut earning forecasts due to cost overruns and losing compliance with its lenders.

Oil fell $6.56 to $138.62/barrel, the dollar dropped hard against the euro and the VIX broke 30 today ending the session up .21% at 28.54.

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