Today's Scoop:

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Here's what you need to know today...

1. The market has already recovered from the recent panic.

2. Investors are feeling better about banks.

3. Home sales jumped in February.

S&P 500: 4,002.871Mo: +1% | 1Yr: -11% | 5Yr: +55%

The market cruised higher today as investors regained confidence in banks. The panic seems to be over for now. The market has already entirely recovered from the mini-crash of the past two weeks.

Treasury Secretary Yellen reassured everyone that the government would insure deposits for future bank failures. Currently, the government guarantees all bank deposits up to $250,000 per client per bank. Only Congress can raise that bar, but financial regulators have the power to step in and protect depositors if the bank goes into a crisis like these recent episodes. The feds are trying to restore confidence, so people don't pull their deposits and make things worse. Yellen mentioned that regional bank withdrawals had gone back to normal.

The housing market snapped back in February as home prices fell. Last week, we learned about a pickup in construction, but this week, the National Association of Realtors reported home sales rose for the first time in twelve months. The median sales price for a single-family home declined for the first time in almost 11 years.

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Unions

A labor union is an organization of workers that band together to collectively bargain for improvements to their working conditions, wages, and benefits. Any industry can have a union. It starts by hosting some form of election in the workplace to acknowledge that the workers of that unit would like to unionize. Then, it expands to a more formalized agreement and negotiation process. Employers can dissuade workers from unionizing, but it's illegal to threaten or coerce them. That grey line in between is for the lawyers.

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