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Investing.com — U.S. stocks rose as investors tried to reverse a multi-day losing streak sparked by global growth concerns.
At 10:35 ET (14:35 GMT), the Dow Jones Industrial Average was up 228 points or 0.8%, while the S&P 500 rose 0.8%, and the NASDAQ Composite was up 0.6%.
The Bank of England, trying to stabilize the pound‘s rapid descent, said it would buy long-dated government bonds.
Meanwhile, the yield on the U.S. 10-year Treasury bill backed off of 12-year highs and Germany’s benchmark 10-year government bond yield fell from an 11-year high.
Today features appearances and speeches from a number of Federal Reserve officials, including Chair Jerome Powell and James Bullard. Investors have worried that the Fed’s aggressive stance on taming inflation could tip the economy into a recession, though expectations are that the central bank will continue on its path of interest rate increases.
Stocks were also moving after a report that Apple Inc. (NASDAQ:AAPL) will not increase production of its iPhone 14, sending its own shares down more than 3%.
Shares of Biogen Inc. (NASDAQ:BIIB) surged 36% after its drug development partner Eisai Co. (TYO:4523) reported positive results from a trial of their latest Alzheimer’s drug. Eli Lilly and Company (NYSE:LLY) shares rose 9%.
Investors were keeping an eye on Hurricane Ian, which is about to slam into the west coast of Florida, shutting down flights to and from the region and with the potential to cause severe damage.
Oil rose. Crude Oil WTI Futures was up 3.3%, to $81.09 a barrel, and Brent Oil Futures crude was up 2.5% to $87 a barrel. Gold Futures rose 1.5% to $1660.
