U.S. stocks closed higher on Wednesday, after the Bank of England indicated it would buy government bonds in order to stabilize the pound.
Markets have been plunging in the recent week amid increasing bond yields, as central bankers around the world continued to increase interest rates.
Shares of Amazon.com, Inc. AMZN and Microsoft Corporation MSFT traded higher on Wednesday. Apple Inc. AAPL shares, however, fell 1.3% after the company reportedly plans to back off on increasing the production of its new iPhones this year.
The Nasdaq 100 rose 1.97% to close at 11,493.83 on Wednesday, while the S&P 500 gained 1.97%. The Dow Jones jumped around 549 points to settle at 29,683.74 in the previous session.
All the major sectors on the S&P 500 closed on a strong note, with energy stocks recording the biggest surge on Wednesday.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) fell 1.6% to 32.09 points.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
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