Market Snapshot: Dow ends with gain of over 300 points as regional banks rally ahead of Fed rate decision

by | Mar 21, 2023 | Stock Market

U.S. stocks finished sharply higher on Tuesday as anxiety about the banking sector receded after U.S. Treasury Secretary Janet Yellen’s reassurances on containing the banking crisis buoyed market sentiment. All three major stock indexes booked back-to-back gains ahead of Wednesday’s Federal Reserve interest-rate decision.

How stocks traded
The S&P 500
climbed 51.30 points, or 1.3%, to finish at 4,002.87.

The Dow Jones Industrial Average
was up 316.02 points, or 1%, to end at 32,560.60.

The Nasdaq Composite
gained 184.57 points, or 1.6%, ending at 11,860.11.

What drove markets Yellen vowed on Tuesday that there would be more U.S. support for small bank depositors if needed, but she also told an industry group that “the situation is stabilizing” after recent moves by the government. Reports that the U.S. Treasury is considering boosting the guarantees on bank deposits was also helping the mood. Increased investor optimism about the banking system after the rescue takeover of Credit Suisse
by its long-term rival UBS
also helped lift U.S. regional stocks. Shares of First Re …

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