S&P 500 Bounces Slightly From 2022 Low After Bank of England’s Bond-Buying Plan

Tiger Newspress2022-09-28

The S&P 500 bounced slightly off the new 2022 low on Wednesday following the Bank of England’s bond-buying plan to stabilize the falling British pound.

The Dow Jones Industrial Average gained 37 points, or about 0.13%. The S&P 500 rose 0.11%, and the Nasdaq Composite was down 0.12%.

Shares of Apple were down nearly 4% in premarket trading after a Bloomberg report, citing people familiar with the matter, said the tech company is ditching plans to increase new iPhone production after demand fell short of expectations.

Stock futures pared earlier losses after the Bank of England said it would temporarily purchase long-dated UK government bonds in an effort to stabilize the plunging British pound. Sterling briefly popped on the news before trading 0.6% lower against the dollar at $1.0667.

The 10-year U.S. Treasury yield gave back its initial gains after the announcement, last trading at about 3.93%. Earlier in the trading session, the benchmark rate broke above 4% for the first time since 2008.

Wall Street is coming off a mixed session in which the S&P 500 reached a new bear market low of 3,623.29 and posted its sixth straight day of losses, while the Nasdaq Composite eked out a gain.

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Comments

  • cowsmile
    2022-09-29
    cowsmile
    Koo
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    2022-09-29
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  • PearlynCSY
    2022-09-29
    PearlynCSY
    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 move stabilized the British pound, which became the center of attention in markets this week as it tumbled to a record low against the U.S. dollar. U.S. Treasury yields retreated from their highest levels in more than a decade, easing concerns that higher rates were choking the economy. The Dow jumped 1.88%, to 29,683.74. The S&P 500 rose 1.97% to 3,719.04, one day after notching a new bear market low. The Nasdaq Composite was up 2.05%, ending the session at 11,051.64. The Dow and the S&P 500 snapped a si
  • Gladys80
    2022-09-28
    Gladys80
    👍
  • nsk
    2022-09-28
    nsk
    Great
  • newcomer676
    2022-09-28
    newcomer676
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