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the public that the banking noise” can be attributed to bad management on the part of a few banks.

At last glance, financial markets have now priced in an 83.4% likelihood of a 25 basis-point rate hike, and a 16.6% probability that the central bank will leave its policy rate unchanged, according to CME’s FedWatch tool.

Economic data released early in the session showed a 14.5% jump in existing home sales, blasting past expectations and snapping a 12-month losing streak.

According to preliminary data, the S&P 500 .SPX gained 50.84 points, or 1.29%, to end at 4,002.41 points, while the Nasdaq Composite .IXIC gained 181.47 points, or 1.55%, to 11,860.04. The Dow Jones Industrial Average .DJI rose 313.36 points, or 0.97%, to 32,566.44.

Shares of First Republic Bank FRC.N saw their biggestever one-day percentage jump as JPMorgan CEO Jamie Dimon leads talks with other big banks aimed at investing in the lender, according to the Wall Street Journal.

Peers PacWest Bancorp PACW.O and Western Alliance Bancorp WAL.N also surged.

The broader European STOXX 600 index also managed to make it into positive territory to be up 0.98%.