Dow Jones Jumps 549 Points As Treasury Yields Tumble, But Now What? Eli Lilly Leads 7 Bullish Stocks
, 2022-09-28 19:31:00,
Dow Jones futures tilted lower overnight, along with S&P 500 futures and Nasdaq futures. The major indexes rebounded strongly Wednesday as Treasury yields tumbled from 12-year highs as the Bank of England resumed bond buying.
Biogen (BIIB) and Japanese partner Eisai reported their Alzheimer’s drug reduced cognitive decline in a late-stage trial. BIIB stock skyrocketed 40%.
Eli Lilly (LLY) gapped up to a buy point on the Biogen news. Lilly is working on a similar Alzheimer’s treatment.
Vertex Pharmaceuticals (VRTX) made a bullish move, along with Regeneron Pharmaceuticals (REGN). So did drug distributor Cardinal Health (CAH). DoubleVerify (DV), Cheniere Energy (LNG) and Albemarle (ALB) are showing positive action.
Dow Jones Futures Today
Dow Jones futures edged lower vs. fair value. S&P 500 futures dipped 0.1% and Nasdaq 100 futures fell 0.15%.
The 10-year Treasury yield rose 3 basis points to 3.74%.
Stock Market Wednesday
The stock market opened mixed but soon picked up momentum, finally having a clearly positive session.
The Bank of England announced early Wednesday that it would buy long-term British bonds, a big policy reversed. Gilt yields had soared in recent days while the pound had plunged as new U.K. Prime Minister Liz Truss announced plans for a big increase in borrowing.
The 10-year Treasury yield, which had just topped 4% overnight, fell sharply on the BoE move. That, in turn, fueled a long-await stock market bounce.
The Dow Jones Industrial Average rose 1.9% in Wednesday’s stock market trading. The S&P 500 index popped nearly 2%. The Nasdaq composite jumped just over 2%. The small-cap Russell 2000 leapt 3.2%.
Apple reportedly is reining in iPhone production plans, as an expected demand boost apparently hasn’t materialized. The Dow tech titan told suppliers that it aims to make 90 million handsets, flat vs. the prior year. Apple stock ultimately closed…
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