Stocks jumped on Tuesday, extending strong gains after Rep. Barney Frank said he expects the SEC's uptick rule to be restored in about a month.

Frank added that mark-to-market accounting rule must be improved and made more flexible. A congressional panel is set to conduct a hearing on Thursday.

The Dow Jones industrial average <.DJI> jumped 326.72 points, or 4.99 percent, to 6,873.77. The Standard & Poor's 500 Index <.SPX> rallied 38.42 points, or 5.68 percent, to 714.95. The Nasdaq Composite Index <.IXIC> shot up 77.19 points, or 6.08 percent, to 1,345.83.

(Reporting by Leah Schnurr; Editing by Jan Paschal)