Big banks said they agree with President Donald Trump that financial regulations need an overhaul, even as their stock prices dropped Tuesday after the president confirmed plans to issue an executive order to punish those that he said discriminate against conservatives.

President Donald Trump accused two of the nation’s largest banks of rejecting his business, as his administration was preparing an executive order threatening financial institutions who refused to work with certain customers on ideological grounds.

The Dow Jones Industrial Average climbed 585 points, or 1.3%, and the Nasdaq composite leaped 2%. Idexx Laboratories helped lead the way and soared 27.5% after the seller of veterinary instruments and other health care products reported a stronger profit for the spring than analysts expected.

U.S. stocks are rallying and recovering much of their sharp losses from last week, when worries about how President Donald Trump’s tariffs may be punishing the economy sent a shudder through Wall Street.