Stocks rose sharply after the S&P 500 closed Tuesday at its lowest level since late 2020, dragging US stocks into bear market territory.
Interest-rate sensitive mega-cap stocks such as Microsoft, Amazon and Meta Platforms rose for much of the session, while the 10-year Treasury yield fell more than 0.26 percentage point, its biggest daily decline since 2009.
The Bank of England said it would buy long-term British bonds in a measure aimed at restoring financial stability in markets shaken globally by the fiscal policy of the new government in London.
“The two-year Treasury yield has risen persistently over the course of the last few weeks, and for the first time we’ve seen it drop for two days in a row, and that has given equities a breather”said Art Hogan, chief market strategist at B. Riley Wealth.
Investors have been paying close attention to comments from Federal Reserve officials. on the path of monetary policy, with Atlanta Fed President Raphael Bostic on Wednesday endorsing another interest rate hike of 75 basis points in November.
Source: Ambito
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