Stocks are approaching their 2023 highs

Stocks are closing in on their highs for the year as the S&P 500 recovers ground lost amid the Silicon Valley Bank bust.The S&P 500 closed Tuesday up 8.2% since we put the awful year of '22 in the rearview.It's mostly the same old story, with this year's drop in longer-term interest rates goosing the kind of tech stocks that benefit from falling rates.

First Republic, the troubled San Francisco lender that was caught in the SVB downdraft, has seen its shares decline about 90% in 2023.

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