Dow Erases Triple-Digit Lead As Nasdaq Enjoys Tech Rally

The Dow pared triple-digit gains this afternoon -- and even briefly dipped into the red -- to settle only modestly higher, despite earlier tracking toward its best single-session win since Jan. 6. Regional bank stocks continued to lag, while the tech sector rallied as investors became more confident in cooling Treasury yields and a slower pace of interest rate hikes. The tech-heavy Nasdaq scored its third gain in four sessions, while the S&P 500 also finished higher.

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Oil prices settled lower on Thursday, slipping back below the $70 mark after just conquering it in the previous session. Lingering concerns over the financial sector weighed on black gold today. April-dated crude shed 94 cents, or 1.3%, to close at $69.96 per barrel on the day.

Gold prices moved sharply in the opposite direction to settle at their highest level in more than a year. Investors rushed to the safe-haven asset after the growing indication that a hawkish Fed could soon wind down its rate hike cycle. April-dated gold rose $46.30, or 2.4%, to settle at $1,995.90 per ounce.

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