Gold prices settled at their highest level in over a year
The Dow pared triple-digit gains this afternoon -- and even briefly dipped into the red -- to settle only modestly higher, despite earlier tracking toward its best single-session win since Jan. 6. Regional bank stocks continued to lag, while the tech sector rallied as investors became more confident in cooling Treasury yields and a slower pace of interest rate hikes. The tech-heavy Nasdaq scored its third gain in four sessions, while the S&P 500 also finished higher.
Continue reading for more on today's market, including:
5 Things to Know Today
- Get ready: Short video app TikTok is facing increasing congressional pressure. (Reuters)
- More than 148,000 tech sector employees have been let go since the start of 2023 at 505 firms, on track to outpace last year's tech layoffs. (MarketWatch)
- Restaurant stock slipped despite hiking guidance.
- How to sell options premium in this market.
- End of March set to bring economic data deluge.
Gold Surges as Oil Breaches $70
Oil prices settled lower on Thursday, slipping back below the $70 mark after just conquering it in the previous session. Lingering concerns over the financial sector weighed on black gold today. April-dated crude shed 94 cents, or 1.3%, to close at $69.96 per barrel on the day.
Gold prices moved sharply in the opposite direction to settle at their highest level in more than a year. Investors rushed to the safe-haven asset after the growing indication that a hawkish Fed could soon wind down its rate hike cycle. April-dated gold rose $46.30, or 2.4%, to settle at $1,995.90 per ounce.