Wall Street closed higher as market participants were soothed by US Treasury Secretary Janet Yellen's reassurances that measures will be taken to keep Americans' bank deposits safe
Block Inc slides after Hindenburg discloses short positionIndexes up: Dow 0.23%, S&P 0.30%, Nasdaq 1.01%
NEW YORK, March 23 - Wall Street closed higher on Thursday as market participants were reassured by U.S. Treasury Secretary Janet Yellen'sAll three major U.S. stock indexes reversed an earlier rally, turning red before clawing their way back to positive territory in the final hour as Yellen resumed her congressional testimony.
Dropping Treasury yields, particularly an 18 basis point drop in two-year note yields, helped growth shares boost the Nasdaq to the head of the pack. "You watch this market and you watch it change direction in a short period of time and it’s based on some market participants’ interpretation over what someone said and how it affects how their trading," said Thomas Martin, senior portfolio manager at GLOBALT Investments in Atlanta.
"The market as a whole is telling you is there are a lot of different ways to interpret all the things people are saying."
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