Bank stocks rallied with the broader markets as a report showed the economy grew more than initially thought in the fourth quarter.

The KBW Bank Index rose 0.89%, to 47.45.

The Dow Jones industrial average gained 0.04% and the Standard & Poor's 500 index rose 0.14%.

Stocks were buoyed after the Commerce Department said gross domestic product grew at an annual rate of 5.9% last quarter. The initial reading was 5.7%.

Three of the four largest banks closed higher: Bank of America Corp. rose 0.66%, JPMorgan Chase & Co. rose 3.27% and Citigroup Inc. rose 0.29%.

Wells Fargo & Co. fell 0.36%.

In regional banking, U.S. Bancorp rose 1.28%; KeyCorp, 2.43%; BB&T Corp., 1.06%; M&T Bank Corp., 1.11%; Regions Financial Corp., 3.21%; and Fifth Third Bancorp, 0.08%.

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