Big gains among banks and financial companies powered U.S. stocks sharply higher Tuesday, lifting the market to more record highs.

The rally was broad, with only real estate companies lagging. Investors were encouraged by news that a Senate committee cleared the way for a tax reform bill to go before the full Senate.

On Tuesday:

The Standard & Poor’s 500 index rose 25.62 points, or 1 percent, to 2,627.04.

The Dow Jones industrial average gained 255.93 points, or 1.1 percent, to 23,836.71.

The Nasdaq composite climbed 33.84 points, or 0.5 percent, to 6,912.36.

The Russell 2000 index of smaller-company stocks picked up 23.12 points, or 1.5 percent, to 1,536.43.

For the week:

The S&P 500 rose 24.62 points, or 1 percent.

The Dow added 278.72 points, or 1.2 percent.

The Nasdaq climbed 23.20 points, or 0.3 percent.

The Russell 2000 gained 17.27 points, or 1.1 percent.

For the year:

The S&P 500 is up 388.21 points, or 17.3 percent.

The Dow is up 4,074.11 points, or 20.6 percent.

The Nasdaq is up 1,529.24 points, or 28.4 percent.

The Russell 2000 is up 179.30 points, or 13.2 percent.