U.S. stock indexes traded higher in the final hour of trading on Wednesday with Dow DJIA, +1.88% climbing over 550 points and S&P 500 SPX, +1.97% attempting to snap its longest losing streak since February 2020. The Dow Jones Industrial Average advanced by 2% and the S&P 500 gained 2.1%, while the Nasdaq Composite COMP, +2.05% rose 2.1%. The rally received some support from a sharp fall in Treasury yields and the surprise intervention from the Bank of England to help stabilize roiling markets following last Friday’s government budget announcements. The U.K. central bank Wednesday committed to buying long-term bonds and “restoring orderly market conditions”.
