Stocks rallied on Thursday, as Wall Street's bank sector panic subsided amid reports that a group of banks were discussing depositing $30 billion in First Republic Bank (FRC). What's more, Credit Suisse (CS) announced it would borrow up to $53.68 billion from the Swiss National Bank. These developments helped investors brush off fewer-than-expected jobless claims and lackluster manufacturing data.

The Dow gained 371 points, while the Nasdaq also added triple digits and scored its fourth-straight win, and the S&P 500 finished firmly above breakeven. Elsewhere, the Cboe Volatility Index (VIX) had its worst day since May.

GOLD PRICES PULL BACK AS BANK SECTOR FEARS EASE

Oil prices rose today, though recession fears still gripped investors, with the commodity yesterday slipping below the $70 region. April-dated crude added 74 cents, or 1.1%, to close at $68.35 per barrel on the day.

Gold prices settled lower despite hitting a six-week high earlier. The upbeat bank developments today for now dulled the demand for the safe-haven asset. April-dated gold fell $8.30, or 0.4%, to settle at $1,923 per ounce.

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