The stock market rebounded on Wednesday as the Bank of England announced that it would buy U.K. government bonds to stabilize its financial markets. This pressured Treasury bond yields which had risen as central banks raised interest rates.
On Wednesday, the 10-year U.S. Treasury yield plunged to 3.7%, after breaching 4% for the first time since 2008.
Overall, S&P 500 was up 2.0% to 3,719, while NASDAQ grew 2.1% to 11,052.
Tweet of the Day
The S&P 500 is down 6 days in a row and made a new 52-wk low.
Don't shoot the messenger here, but that's happened 20 other times since 1950 and what happens next is pretty bullish.
A year later? Higher 90% of the time and up 20% on average. pic.twitter.com/aLCYi5LyQV
— Ryan Detrick, CMT (@RyanDetrick) September 28, 2022
In other news, Eli Lilly (LLY) has two new drugs that could become blockbusters.
Chart of the Day
Our chart of the day is the ten-year chart of LLY.
Eli Lilly discovers, develops, manufactures, and markets human pharmaceuticals to approximately 120 countries worldwide. It also produces therapies for diabetes, oncology, immunology, and neuroscience.
The stock broke out to a new all-time high on good industry news for Alzheimer’s. Eli Lilly has its own Alzheimer’s drug in development, which has a chance of being a blockbuster. The other potential blockbuster drug is for obesity treatment.
LLY has great growth opportunity with two potential blockbuster drugs in the pipeline. It is on the radar for of the Conservative Growth Portfolio.
