Stocks rose on Wednesday as U.S. Treasury yields retreated from multi-year highs. Benchmarks rebounded off bear market lows, with the Dow Jones Industrial Average jumping over 500 points, while the S&P 500 and Nasdaq Composite both climbed about 2%.
Here's how the market settled on Wednesday:
S&P 500 Index (NYSE: SPY): +1.97% or +71.75 points to 3,719.04
Dow Jones Industrial Average (NYSE: DIA): +1.88% or +548.75 points to 29,683.74
Nasdaq Composite Index (NASDAQ: QQQ): +2.05% or +222.13 points to 11,051.64
Wednesday's moves helped the Dow and S&P 500 snap a six-day losing streak, with the Dow now 19.7% off its 52-week high, while the S&P 500 is 22.8% below its record. The Nasdaq is down 31.8%. Driving market moves, the U.S. 10-year Treasury yield ended the day about 3.7% after earlier breaking above 4% for the first time since 2008.
Also supporting stocks, the Bank of England announced it would temporarily buy long-dated U.K. government bonds to help stabilize the British pound after its fell to a record low against the U.S. dollar.
"Were dysfunction in this market to continue or worsen, there would be a material risk to U.K. financial stability," BoE officials said in a statement. "This would lead to an unwarranted tightening of financials conditions and a reduction of the flow of credit to the real economy."
While Wednesday's rally was broad across all sectors, Apple (NASDAQ: AAPL) was down over 1% following a Bloomberg report that said the tech company is forgoing plans to increase new iPhone production in response to demand not meeting expectations, according to people familiar with the matter.
However, analysts at Keybanc say this could be an opportunity to buy up Apple shares. "We view this as negative for AAPL today, however, believe it is neutral to consensus expectations and would take advantage by buying on the pullback" analyst Brandon Nispel wrote in a note on Wednesday.
Elsewhere, Biogen (NASDAQ: BIIB) shares soared nearly 40% after the biopharmaceutical company announced new data from its experimental Alzheimer's drug study that slowed the progress of the mental disease by 27% compared to a placebo.