Stocks on Wall Street soared to their first gain in more than a week as some calm returned to financial markets around the world. The S&P 500 jumped 2% Wednesday for its best day in seven weeks. That snapped Wall Street’s longest losing streak since the coronavirus crash in February 2020. The S&P 500 rose 71.75 points to 3,719.04. The Dow Jones Industrial Average rose 548.75 points, or 1.9%, to 29,683.74. The Nasdaq rose 222.13 points, or 2.1%, to 11,051.64. Bond markets globally also relaxed after the Bank of England moved forcefully to get a budding financial crisis there under control. Treasury yields fell sharply, easing some of the pressure that has sent stocks down more than 20% on Wall Street this year.
The moves helped markets recover some of their recent losses triggered by turmoil in UK financial markets, the AP reports. After the government there announced a sweeping set of tax cuts, investors worried the attempts to goose the UK economy could push already high inflation even higher. That caused the value of the British pound to plunge and bond yields globally to jump. Bond markets around the world relaxed, and European stocks erased morning losses after the British central bank said it would buy however many UK government bonds are needed to restore order to its financial markets.
The widespread rally on Wall Street saw 30 stocks rise in the S&P 500 index for every one that fell. Health care stocks helped lead the way following an encouraging update on a potential treatment for Alzheimer’s disease. Japan’s Eisai said its potential treatment appeared to slow the fatal disease in a late-stage study. Shares of Biogen, which will co-promote the drug, soared 39.9%. Stocks of energy producers were also strong after crude oil prices recovered some of their steep recent losses triggered by recession worries. A barrel of benchmark US oil rose 4.6% to $82.15. Brent crude, the international standard, gained 3.6% to $87.91 per barrel. (More stock market stories.)
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