Dow jumps 600 points, rebounding from 2022 low as Bank of England restarts

All but one of the 30 Dow stocks are now in positive territory as the market average is up 600 points on the day.

Home Depot is the best performer in the Dow, up more than 5%. Construction stocks could be a beneficiary of national disasters, like the hurricane that hit Florida on Wednesday.

Other top performers include Boeing, up 4.8%, and Disney, up 3.8%.

The lone decliner is Apple, down 1.3%.

—Jesse Pound

These companies are making headlines in midday trading.

• Apple — Apple shares fell 3.4% on Wednesday following a report that the company is ditching plans to boost new iPhone production. Instead of aiming to increase output by 6 million units in the second half of the year as it had planned, it will shoot for 90 million units, unchanged from the prior year, according to Bloomberg.
• Biogen — Shares of the biopharmaceutical company soared 37% following upbeat results from its experimental Alzheimer’s drug study and a slew of upgrades from analysts. Biogen and its Japanese partner Eisai said the drug reduced cognitive decline by 27% and slowed the progression of the disease.
• Broadridge — Spruce Point Capital Management issued report containing a strong sell opinion, saying it sees as much as 75% downside risk.

Check out more midday movers here.

— Tanaya Macheel

The yield on the benchmark 10-year Treasury note dropped the most since 2020 on Wednesday, despite briefly topping 4% earlier in the session, after the Bank of England announced a bond-buying plan to stabilize the British pound.

The 10-year Treasury yield last dropped 23 basis points to 3.733%, or the most it’s dropped since 2020.

It hit a high of about 4.019%, a key level that was the highest since October 2008, earlier in the day before erasing those gains.

Yields and prices move in opposite directions. One basis point is equal to 0.01%.

Stocks hit session highs in midday trading, with the Dow Jones Industrial Average up more than 400 basis points, as the British pound recovered.

The British pound reached a session high of $1.0875 against the dollar, up about 1%, around noontime Wednesday after falling to as much as $1.0541 earlier in the session.

Those moves come after the Bank of England said it would buy long-dated bonds as a temporary measure to stabilize the currency.

Investors shouldn’t be afraid of snapping up stocks trading at a discount now, even if the market may have a bit further to fall, David Rubenstein said during CNBC’s Delivering Alpha Investor Summit Wednesday.

That’s because stocks are much closer to the bottom than they are to the top, The Carlyle Group co-founder said.

“It’s a fools’ errand to find the bottom in the market or the top in the market,” he said. “Trying to wait to the absolute bottom is probably a mistake, in my view.”

Read more here.

—Carmen Reinicke

Staying invested in this turbulent market means finding the right…