Stocks Rally as the Bank of England Steps In the Bond Market

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

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.

Not a member? Sign up here for $25 a month.