U.S. equities reacted positively to the dovish rate hike at first but quickly pared gains as Treasury Secretary Yellen told the Senate in her testimony that she is not considering a “blanket” insurance on bank deposits. Her comments spooked a sharp decline in bank stocks, seeing the KBW Bank Index shed 4.7% and the SPDR S&P Regional Banking EFT tumble 5.7%. The S&P 500 declined across the board with all 11 sectors in the red and the benchmark index falling 1.7%. Nasdaq 100 dropped 1.4%. Advanced Micro Devices (AMD:xnas) and Nvidia (NVDA:xnas) bucked the decline and gained over 1% after Nvidia introduced new chips ... (full story)