US stocks ended Wednesday in positive territory, with the Dow Jones Industrial Average climbing 0.22% to 53,463.05, the S&P 500 rising 0.21% to 7,707.98, and the tech-heavy NASDAQ Composite adding 0.16% to 26,331.09. This rebound followed the Treasury Department's announcement that it would at least double the size of its bond repurchases, aiming to alleviate pressure from the bond market, which had seen the 30-year US Treasury yield soar to over 5.33% earlier in the week. Following the announcement, the 30-year Treasury yield declined over 10 basis points to 5.184%.
Bitcoin experienced a significant surge, climbing about 4.9% to over $72,000, marking its highest level since early June. This rally was attributed to both the decline in US bond yields and President Donald Trump's meeting with crypto industry leaders. Additionally, a token associated with the offshore exchange Hyperliquid saw a 21% increase in 24 hours after Trump indicated that the US is exploring options for allowing the derivatives platform to operate domestically. The broader crypto market also saw gains, with Ether nearing its three-month high after a 19% increase in 24 hours.
Several individual stocks also saw notable movements. Pharmaceutical and biotechnology company Moderna Inc. surged 176.97% to $174.38 per share after its experimental mRNA cancer vaccine, developed with Merck, showed reduced melanoma recurrence risk. Merck & Co Inc. shares rose 12.60% to $152.20. Marvell Technology advanced 9.85% to $237.27 per unit following a commercial agreement with Google for custom semiconductor products. Conversely, shares of companies like NVIDIA Corp, Intel Corp, Broadcom Inc, and Walmart Inc. ended in the red.
