Mid-Day Market Update: Following Banks Lead, Markets Rally (STT, JPM, V)

A broad market rally is in force this morning, following a surge in bank stocks. State Street Corp. STT popped more than 10% after the bank announced that it expects 2nd Quarter earnings to beat analyst expectations. The Financial Sector SPDR ETF XLF is up over 2% today. News that card delinquencies have hit an eight-year low has also boosted J.P. Morgan JPM and Visa V over 2%. The Dow Jones Industrial Average, S&P 500, and NASDAQ indicies are all up over 1%. U.S. markets gained for the first time in seven sessions on Tuesday.