⚠️BREAKING: *U.S. STOCKS SOAR AS BANK JITTERS RECEDE AHEAD OF FED RATE DECISION 🇺🇸🇺🇸
NEW YORK - Wall Street closed sharply higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25 basis-point hike to its policy rate.
But banking stocks bounced back on Tuesday, building on Monday's reversal. Still, despite its recent resurgence, the S&P Banks index has lost more than 18% of its value just this month. Treasury Secretary Janet Yellen, in prepared remarks before the American Bankers Association, said the U.S. banking system has stabilized due to decisive actions from regulators, but warned more action might be required.
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