Treasury Secretary Janet Yellen reassured investors today
Comments from Treasury Secretary Janet Yellen promising to backstop more bank deposits if necessary helped stocks rally on Tuesday. The Dow nabbed its third triple-digit gain in four sessions, while both the S&P 500 and Nasdaq saw solid wins of their own.
Investors are now shifting their attention to tomorrow's conclusion of the Federal Reserve's two-day policy meeting, which is expected to bring a quarter-point interest rate hike. Elsewhere, the Cboe Volatility Index (VIX) settled at its lowest level since March 8.
Continue reading for more on today's market, including:
5 Things to Know Today
- Google-parent Alphabet (GOOGL) launched chatbot Bard A.I. today, but warned employees "things will go wrong" as the general public tests is capabilities. (CNBC)
- Housing stocks rallied after data showing existing-home sales in February rose to a much better-than-expected 14.5% to an annual rate of 4.58 million. (MarketWatch)
- Baidu stock looks like a winning bet for call traders.
- Bull signal says another China stock looks ready to pop.
- PNC Bank stock could test key support in the coming days.
Gold Pivots Lower as Bank Fears Subside
Oil prices settled higher on Tuesday, as sentiment around the bank sector continued to improve. Russia's decision to keep oil production at lower levels until June also boosted black gold. April-dated crude added $1.69, or 2.5%, to close at $69.33 per barrel on the day.
Meanwhile, gold prices staged their biggest drop in roughly six weeks as investors' interest in the safe-haven asset seemed to dwindle, though they still eyed tomorrow's interest rate decision. April-dated gold fell $41.70, or 2.1%, to settle at $1,941.10 per ounce.