Stocks End Sharply Higher; Banks Rise

U.S. stocks rose on Thursday as financial companies gained after a number of banks got approval from the Federal Reserve to raise dividends and buy back shares. At close, The Dow Jones industrial average jumped 259.83 points, or 1.47%, to 17,895.22. The Standard & Poor’s 500
climbed 25.71 points, or 1.26%, to 2,065.95. The Nasdaq composite gained 43.35 points, or 0.89%, to 4,893.29.

The federal government ran a budget deficit of $192 billion in February, the Treasury Department said Thursday. That’s slightly less than the February 2014 deficit of $194 billion, and brings the government’s budget shortfall for the fiscal year to date to $387 billion.

Crude-oil prices slid Thursday as traders focused on rising US stockpiles amid a global supply glut. US benchmark West Texas Intermediate (WTI) for April delivery sank $1.12 to close at $47.05 a barrel on the New York Mercantile Exchange.

Walt Disney Co. (DIS) rose 4.2% to close at an all-time high Thursday, after the company announced a sequel to ‘Frozen,’ which the entertainment giant boasted as being the highest grossing animated film ever.