NEW YORK (AP) — Stocks roared to their best day in more than a month Tuesday as investors hit the “buy” button following some encouraging signs of strength in the U.S. economy.

Construction spending reached its highest level in eight years in January. Banks, the worst-performing sector of the market so far this year, led the way higher.

Stocks jumped at 10 a.m., when the Commerce Department reported that construction spending continued to rise in January. At the same time, a survey showed some signs of life in the beaten-down manufacturing sector. Those were good signs for the U.S. economy.

Banks rose the most, but big names in consumer and tech stocks also climbed, as did oil prices.

The Dow Jones industrial average jumped 348.58 points, or 2.1 percent, to 16,865.08. The Standard & Poor’s 500 index surged 46.12 points, or 2.4 percent, to 1,978.35. That was the biggest gain for the S&P 500, a widely used benchmark, since late January.

The Nasdaq composite index, which is heavily weighted with technology companies, made its biggest gain since August, adding 131.65 points, or 2.9 percent, to 4,689.60.

Bank of America picked up 67 cents, or 5.4 percent, to $13.19 and JPMorgan Chase gained $2.90, or 5.2 percent, to $59.20, leading financial stocks higher.