U.S. stocks and Treasuries rallied on Wednesday after the Bank of England’s decision to stage a market intervention boosted UK bonds and tentatively calmed markets.
The S&P 500 snapped a six-day rout, rising the most since early last month, and for the first time since the Federal Reserve boosted rates and dialed up its hawkishness a week ago. The index jumped more than 2% later in the session, bolstered by gains in Amazon.com Inc.’s shares after the company’s annual device event on Wednesday showed it pushing further into wellness, security and the auto industry.
The 10-year U.S. Treasury yield dropped toward 3.72% after topping 4% earlier. The yield on 30-year UK gilts plunged more than one percentage point. Oil advanced with metals. Orange juice futures spiked as Hurricane Ian barreled ashore in Southwest Florida with a massive and deadly surge of water and catastrophic winds.
