US stocks and treasuries rose on Wednesday after the Bank of England's decision to intervene in the market boosted uk bonds and temporarily calmed markets.
The S&P 500 ended a six-day losing streak, rising the most since early last month and for the first time since the Fed raised rates and increased its hawkishness a week ago. Later in the session, the index jumped more than 2%, boosted by gains in Amazon shares after the company's annual device event on Wednesday showed it pushing further into wellness, security, and the auto industry.
After peaking at 4% earlier, the 10-year US Treasury yield has fallen to 3.72%. The yield on 30-year UK gilts has dropped by more than a percentage point. Oil advanced alongside metals.
Global markets took a breather from the ferocious selling that has gripped them since the Fed embarked on its most aggressive path of interest-rate hikes since the 1980s. The Bank of England calmed nerves by saying it would buy long-term government bonds in whatever quantities were required to end the chaos caused by the government's tax-cut plans.
