(MENAFN- Baystreet.ca) Dow Rebounds 300 Pts. From Year-Long Low
Advertisment
Stocks rebounded Wednesday off the new bear market low as U.S. Treasury yields retreated from multiyear highs, and the British pound stabilized after the Bank of England announced a bond-buying plan.
The Dow Jones Industrials strengthened 316.09 points, or 1.1%, to venture into noon hour to 29,451.08
The S&P 500 picked up 43.57 points, or 1.2%, to 3,690.86, one day after the index broke below the June intraday low.
The NASDAQ Composite soared 122.76 points, or 1.1%, to 10,952.26.
The Dow and the S&P 500 were on pace to snap a six-day losing streak.
The Bank of England said it would temporarily purchase long-dated U.K. government bonds in an effort to stabilize its plunging currency. Sterling briefly popped on the news and was last trading 0.1% lower against the dollar at $1.0726.
Shares of Apple are slipping Wednesday following a report that the company is pulling back production of its new iPhone as demand falters.
Treasury prices jumped, pushing yields down to 3.77% from Tuesday's 3.97%. Treasury prices and yields move in opposite direction.
Oil prices gained $2.42 to $80.92 U.S. a barrel.
Gold prices popped $26.60 to $1,662.80 U.S. an ounce.
MENAFN28092022000212011056ID1104941461
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.