Stocks surged today after the Federal Reserve slashed the federal funds rate to a target range of zero to 0.25%, the lowest level in history. The KBW Banking Index rose 10.38% and the KBW Regional Banking Index rose 8.09%. The broader S&P 500 Index was up 5.14%.

The Bank Index was led by Wells Fargo, Huntington Bancshares Incorporated, and JP Morgan Chase, which were up 14.23%, 13.49%, and 12.99%, respectively. Leading the Regional Banking Index were CORUS Bankshares, Frontier Financial Corporation, and Sterling Financial Corporation, which were up 18.81%, 17.76%, and 15.97%, respectively.