US stocks climbed Wednesday after the Bank of England (BoE) Wednesday announced that it would backstop the UK Gilt market and "restore market function", leading Treasury yields to fall from their highest in over a decade.
The Dow Jones Industrial Average jumped 2% to 29,681.76 and the S&P 500 also climbed 2% to 3,718.67. Both indices had fallen to their lowest levels this year earlier this week, entering the bear market territory. The Nasdaq Composite advanced 2.1% to 11,051.64.
All sectors were in the green, led by energy and communication services.
The US 10-year yield sank 25.8 basis points to 3.71%, retreating from its highest in over a decade. The two-year rate dropped 21 basis points to 4.1%, declining from its strongest since 2007.
West Texas Intermediate futures advanced 4.5% to $82.06 a barrel.
Gold was up 2% to $1,669.30 per troy ounce, and silver was up 3% to $18.90 per ounce.