Stocks Rebound From 2022 Low

(MENAFN- Stocks Rebound from 2022 Low


The Dow Jones Industrial Average mounted a big comeback from its 2022 low as the Bank of England said it would buy bonds to stabilize its financial markets, a stunning reversal in the monetary tightening policies implemented this year by most central banks to stifle inflation.
The 30-stock index leaped 548.75 points, or 1.9%, to end Wednesday at 29,683.74
The S&P 500 advanced 71.75 points, or 2%, to 3,719.04, one day after the index broke below the June intraday low.
The NASDAQ Composite soared 222.13 points, or 2.1%, to 11,051.64.
The Dow and the S&P 500 snapped six-day losing streaks.
The rally was broad-based. One notable outlier was Apple which was down 1.3% after a Bloomberg report.
Home Depot was the best performer in the Dow, up more than 5%. Construction stocks could be a beneficiary of national disasters, like the hurricane that hit Florida on Wednesday.
Other top performers include Boeing, up 4.8%, and Disney, up 3.8%.
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.
Treasury prices popped, pushing yields down to 3.73% from Tuesday's 3.97%. Treasury prices and yields move in opposite direction.
Oil prices gained $3.52 to $82.02 U.S. a barrel.
Gold prices popped $32.20 to $1,668.40 U.S. an ounce.


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.