Stocks Bounce Back from Long Slump

Stocks rose Wednesday as Wall Street attempted to rebound from a new bear market low.

The Dow Jones Industrials headed higher 225.02 points soon after Wednesday’s open to 29,360.01.

The S&P 500 revived 28.23 points to 3,675.52

The NASDAQ Composite soared 68.47 points to 10,897.98.

Shares of Apple were down nearly 4% 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.

The Bank of England said it would temporarily purchase long-dated U.K. government bonds in an effort to stabilize the plunging British pound. Sterling briefly popped on the news before trading 0.1% lower against the dollar at $1.072.

At least 33 stocks notched fresh lows in early morning trading on Wednesday while shares of Eli Lilly traded near all-time highs dating back to 1952. Among them, Paramount, trading at lows not seen since May 2020; Warner Bros. Discovery, trading at lows not seen since July 2009;
Caesars Entertainment, trading at lows not seen since August 2020

Treasury prices jumped, pushing yields down to 3.81% from Tuesday’s 3.97%. Treasury prices and yields move in opposite direction.

Oil prices gained $2.28 to $80.78 U.S. a barrel.

Gold prices popped $22.40 to $1,658.60 U.S. an ounce.