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Apple drops on move to drop iPhone production boost
Treasury prices rebound after BoE decision
Biogen soars on landmark Alzheimer's data
Indexes: Dow +1.50%, S&P 500 +1.48%, Nasdaq +1.33%
(Updates with details of afternoon trading)
By Noel Randewich and Shreyashi Sanyal
Sept 28 (Reuters) - Wall Street rebounded strongly on Wednesday following its recent sell-off, helped by easing Treasury yields, while Apple dropped on concerns about demand for iPhones.
The gains came after the S&P 500 on Tuesday closed at its lowest since late 2020, dragging U.S. stocks further into bear market territory.
Stocks climbed as the yield on U.S. Treasuries came off decade highs that in recent sessions made interest rate-sensitive companies less attractive to investors.
Helping push Treasury yields lower, the Bank of England said it would buy long-dated British bonds in a move aimed at restoring financial stability in markets rocked globally by the fiscal policy of the new government in London.
"The yield on the two-year Treasury has gone up persistently over the course of the last several weeks, and for the first time we've seen it go down for two days in a row, and that has given equities a breather," said Art Hogan, chief market strategist at B. Riley Wealth.
Investors have also been keenly listening to comments from Federal Reserve officials on the path of monetary policy, with Atlanta Fed President Raphael Bostic on Wednesday backing another 75-basis-point interest rate hike in November.
U.S. stocks have been battered this year by worries that an aggressive push by the Fed to raise borrowing costs could throw the economy into a downturn.
Apple Inc lost 2.9% after Bloomberg reported the company is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize.
Traders exchanged almost $15 billion worth of Apple shares, more than any other stock.
All of the 11 S&P 500 sector indexes rose, led by a 3.1% jump in energy and a 2.8% rise in communication services .
With Wednesday's gains, the S&P 500 is down about 22% so far in 2022.
In afternoon trading, the Dow Jones Industrial Average was up 1.5% at 29,573.27 points, while the S&P 500 gained 1.48% to 3,701.4.
The Nasdaq Composite added 1.33% to 10,973.41.
Biogen Inc surged 37% after saying its experimental Alzheimer's drug, developed with Japanese partner Eisai Co Ltd , succeeded in slowing cognitive decline.
Eli Lilly & Co, which is also developing an Alzheimer's drug, rose 6.8% and was among the biggest boosts to the S&P 500 index.
Advancing issues outnumbered declining ones on the NYSE by a 5.92-to-1 ratio; on Nasdaq, a 3.81-to-1 ratio favored advancers.
The S&P 500 posted one new 52-week high and 30 new lows; the Nasdaq Composite recorded 22 new highs and 203 new lows.
(Reporting by Noel Randewich in San Francisco and Shreyashi Sanyal, Susan Mathew and Ankika Biswas in Bengaluru; Editing by Vinay Dwivedi, Arun Koyyur and Jonathan Oatis)