NDX: Nasdaq Leaps 1.5% as Government Pledges Support

After several days of downbeat performance, the Nasdaq rallied on promises from the Treasury Secretary.

• The Nasdaq Composite staged a moderate comeback Tuesday, as the index gained 1.5% to close the trading session. Its two peers, the Dow Jones and the S&P 500, also finished the day in the green, logging two straight days of gains for the first time in two weeks.
• Behind the rally was a promise from Treasury Secretary Janet Yellen, who signaled that the government is ready to backstop smaller banks if they are faced with the same faith as Silicon Valley Bank – the startup-focused lender that flopped in just a few days after a bank run.
• Wall Street’s tech-heavy index is now floating near its yearly peak, sitting on more than 10% in gains since early January. Futures dealmaking is in the red early on Wednesday as investors anticipate the grand event of the week – the Federal Reserve will announce its interest rate decision.