US mkts end strong led by financials; Dow up 246 points While Asian markets trading firm; Shanghai Composite up 1.8%

The US markets closed the week on a cheerful note capping their fifth straight up week led by a record gain in banking shares.

All three major indices logged their best single session percentage gain in two weeks and closed at session highs. The Dow Jones Industrial Average shut shop at 8,083.38, up 246.27 points or 3.14%. The NASDAQ Composite went up 61.88 points or 3.89%, to settle at 1,652.54. The S&P 500 closed 31.40 points or 3.81% higher at 856.56.

In the economic news, initial jobless claims decreased more than economists estimated last week and the trade deficit unexpectedly shrank 28%, to USD 25.97 billion in February, the smallest deficit since 1999. And import prices rose 0.5% in March, the first increase in eight months. Export prices fell 0.6%.