The stock market closed higher Wednesday, following the second day of congressional hearings on the Silicon Valley Bank collapse. Dory Wiley, the president and CEO of Commerce Street Holdings, joined CBS News to discuss what the hearings mean for investors.

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On Thursday, U.S. stocks closed higher after a House hearing on bank failures. The hearing was conducted by the House Subcommittee on Consumer Protection and Financial Institutions, and featured executives from five major banks, including JPMorgan Chase, Bank of America, and Citigroup.

Investors appeared relieved after the hearing, which focused on the financial stability of these banks and their ability to withstand another economic crisis. Many of the executives testified that their banks have made significant improvements in risk management since the 2008 financial crisis, which helped to ease investor concerns.

In addition to the positive sentiment following the hearing, a number of economic indicators also contributed to the strong performance of the stock market. The jobless claims report indicated that initial claims for unemployment benefits fell more than expected last week, suggesting continued strength in the labor market. Meanwhile, the Institute for Supply Management released a report showing that manufacturing activity increased in June, indicating economic expansion.

Overall, the Dow Jones Industrial Average rose 0.4% to close at 26,860.20, while the S&P 500 climbed 0.77% to close at 2,993.07. The Nasdaq Composite gained 0.75% to finish at 8,202.53.

Despite the positive market performance, some experts caution that the global economic outlook remains uncertain due to ongoing trade tensions and slowing growth in many countries. Additionally, the Federal Reserve is expected to announce an interest rate cut later this month, which could impact stocks in the short term.

However, for now, investors seem to be focused on the relative stability of the major banks and other positive economic indicators. With earnings season set to kick off next week, it will be interesting to see how companies perform and whether the current strength in the stock market can be sustained.