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(CNBC) — Stocks rose on Tuesday as traders became optimistic on the financial sector’s outlook following Treasury Secretary Janet Yellen’s reassurances to safeguard against further banking crises. Wall Street marked its second day of gains ahead of the Federal Reserve’s announcement on interest rates Wednesday.
The Dow Jones Industrial Average gained 293 points, or 0.9%. Meanwhile, the S&P 500 and Nasdaq Composite gained 1.2% and 1.3%, respectively.
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Regional banks surged Tuesday, led by First Republic. The beaten-down bank jumped 34.8%, a day after losing 47%. The SPDR Regional Banking ETF (KRE) gained 6%. Regionals got a boost after Treasury Secretary Janet Yellen said Tuesday morning that the government is ready to provide further guarantees of deposits if the banking crisis worsens.
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