Producers of metals and other raw materials rose as traders bet a banking crisis would subside.
Treasury Secretary Janet Yellen indicated the U.S. was prepared to intervene and keep depositors whole if more lenders were jeopardized by the recent series of bank runs.
"Similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion," said Treasury Secretary Janet Yellen, addressing the American Bankers Association.
The banking crisis is a direct result of the Federal Reserve raising interest rates and could foreshadow a recession brought on by the hikes, said one strategist. "There's been a liquidity tourniquet on the U.S. economy for some time now, and it's starting to bite," said Brent Schutte, chief investment officer at money manager Northwestern Mutual Wealth Management.
Australian coal miner New Hope will consider buying coal operations from rivals such as BHP Group, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-21-23 1734ET
