(MENAFN- Baystreet.ca) Dow Rebounds 300 Pts. From Year-Long Low
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.
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