Stocks extended gains on Wednesday, with the Dow and S&P 500 briefly rising more than 1 percent on strength in bank shares.

The Dow Jones industrial average gained 92.94 points, or 0.83 percent, to 11,269.70. The Standard & Poor's 500 Index rose 11.18 points, or 0.96 percent, to 1,173.53. The Nasdaq Composite Index climbed 20.94 points, or 0.86 percent, to 2,467.00.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)