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.

"They totally discriminate against, I think, me maybe even more, but they discriminate against many conservatives," he told CNBC in an interview. "I think the word might be Trump supporters more than conservatives.

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.

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.