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September 29, 2022

Stocks rally, bonds soar

By DAMIAN J. TROISE and STAN CHOE
AP Business Writers

NEW YORK — Stocks rallied on Wall Street to their first gain in more than a week, as some calm returned to markets around the world Wednesday after the Bank of England moved forcefully to get a budding financial crisis there under control.

The S&P 500 jumped 2% for its best day in seven weeks to snap its longest losing streak since the coronavirus crash in February 2020. Besides the relief on Wall Street, bond markets around the world also relaxed and European stocks erased morning losses after the U.K. central bank said it would buy however many U.K. government bonds are needed to restore order to its financial markets.


 
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