Shares of Wells Fargo & Co. rocketed past the $200 price mark on Wednesday, fueled by Wall Street optimism.

In afternoon trading, the stock was up $4.25 on brisk volume, to $202.75, before it fell back to close at $199.25, up 75 cents for the day. The shares have gained more than 10% during the past week and trade at an impressive 290% of book value.

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