Stocks rallied on Wednesday, as House Speaker Kevin McCarthy and President Joe Biden seemed to make progress on U.S. debt ceiling talks, with McCarthy noting a deal could happen by the end of the week. Also boosting investor sentiment was a rebound in bank stocks. The Dow rose 408 points, with both the S&P 500 and Nasdaq settling firmly higher as well. Meanwhile, the Cboe Volatility Index (VIX) snapped a three-day win streak.

GOLD, OIL SETTLE ON OPPOSITE SIDES

Oil prices finished higher on Wednesday, as investors turned optimistic about energy demand and the overall economic backdrop amid progress on U.S. debt ceiling talks. June-dated crude added $1.97, or 2.8%, to close at $72.83 per barrel.

Meanwhile, gold prices settled at a seven-week low as the U.S. dollar strengthened and traders eyed interest rates. June-dated gold fell $8.10, or 0.4%, to close at $1,984.90 an ounce.

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