The Dow Jones Industrial Average rose 1.9%, about 550 points, in its largest single–day rise since July 19 and first positive day since September 19.
The stock market had its best day in two months on Wednesday, paring six straight days of losses, as investors reacted positively to stabilizing actions by the Bank of England and indications that less hawkish monetary policy by the Federal Reserve may be on the way.Getty ImagesThe Dow Jones Industrial Average rose 1.9%, about 550 points, in its largest single-day rise since July 19 and first positive day since September 19.
Bond markets also recovered strongly in response, with the two-year U.S. Treasury note falling 19 basis points to 4.1% and the ten-year U.S. Treasury note falling 23 basis points to 3.72%.single-day drop for ten-year yields since 2020 and comes after they briefly topped 4% for the first time in more than a decade.
Investors also proved optimistic about a morning speech from Atlanta Federal Reserve President Raphael Bostic, whohe favors hiking rates to between 4.25% and 4.5% before the end of 2022 but admitted it wouldn’t be “appropriate” for the Fed to continue to raise rates until it hits its inflation target, leading Bespoke Investment Group to write in a Wednesday note there are “signs that the recent surge in U.S. rates has reached an extreme and will not continue from here.
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