A broad stock market rally Tuesday helped buoy financial stocks even as analysts who cover banking companies rushed to cut their earnings estimates as the end of the first quarter nears.

The American Banker index of 225 banks rose 4.91%, and its index of top 50 banks increased 3.56%, as some positive economic data released this week quelled the specter of recession for some investors. In the broader market, the Standard & Poor’s 500 index climbed 2.56% and the Nasdaq 2.81%. Some equity analysts are still playing catch-up, though, on their earnings projections for the banking sector, in light of the market’s recent losses.

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