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Follow along as MarketWatch provides live updates on congressional testimony from Treasury Secretary Janet Yellen. Yellen is appearing Thursday before the Senate Finance Committee, where the topic is President Joe Biden’s 2024 budget proposal. But she’s certain to be asked about the turmoil in banks and markets following the collapse of Silicon Valley Bank. Source
Bank stocks reversed course, rising after a report was confirmed shortly before the market close of a deposit infusion for First Republic Bank. Source
The 30-year mortgage rate is averaging at 6.6%, Freddie Mac said in its latest weekly survey on Thursday. Source
Big banks pledge $30 billion to First Republic as a backstop after the company's stock hit an all-time low following the failure of Silicon Valley Bank. Source
CORRECTION: An earlier version of this pulse said stocks finished higher on Friday. U.S. stocks finished sharply higher on Thursday, erasing losses from… Source