Gold prices pivoted lower from a six-week high
Stocks rallied on Thursday, as Wall Street's bank sector panic subsided amid reports that a group of banks were discussing depositing $30 billion in First Republic Bank (FRC). What's more, Credit Suisse (CS) announced it would borrow up to $53.68 billion from the Swiss National Bank. These developments helped investors brush off fewer-than-expected jobless claims and lackluster manufacturing data.
The Dow gained 371 points, while the Nasdaq also added triple digits and scored its fourth-straight win, and the S&P 500 finished firmly above breakeven. Elsewhere, the Cboe Volatility Index (VIX) had its worst day since May.
Continue reading for more on today's market, including:
- Where does First Republic Bank go from here?
- Dollar General's earnings miss didn't deter call traders.
- Plus, 3 upgrades to watch; Baidu's Ernie Bot unveiling; and tailwinds for SNAP.
5 Things to Know Today
- Google-parent Alphabet (GOOGL) told subscribers it will raise YouTube TV prices from $63 to $75 a month in April, citing higher content costs. (CNBC)
- The Biden administration said Credit Suisse's (CS) had a “distinct issue” that is not related to “the current economic situation,” amid the bank sector's woes. (CNBC)
- These 3 stocks drew positive analyst attention today.
- Why Baidu's ChatGPT rival failed to impress investors.
- Snap stock enjoyed tailwinds from possible TikTok ban.
Gold Prices Pull Back as Bank Sector Fears Ease
Oil prices rose today, though recession fears still gripped investors, with the commodity yesterday slipping below the $70 region. April-dated crude added 74 cents, or 1.1%, to close at $68.35 per barrel on the day.
Gold prices settled lower despite hitting a six-week high earlier. The upbeat bank developments today for now dulled the demand for the safe-haven asset. April-dated gold fell $8.30, or 0.4%, to settle at $1,923 per ounce.