Here's why: The stock market has always recovered after a downturn. Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) is square in the crosshairs of a recession. With more than 80% of its business coming from advertisement sources, revenue growth will be challenging in a recession.
Instead, it was the Bank of England that decided to intervene in the bond market, offering to buy sovereign debt to stem the plunge in the value of the British pound. The Nasdaq led the way higher, and the best performer there was Biogen, which announced a game-breaking study in its candidate treatment for Alzheimer's. Below, you'll learn why Netflix (NASDAQ: NFLX) and MercadoLibre (NASDAQ: MELI) moved higher Wednesday, along with whether their gains look likely to hold up over the long run.
A broad cross-section of stocks charged sharply higher on Wednesday, as Wall Street focused on Treasury yields and foreign government moves to settle unrest in the financial markets. Shares of e-commerce kingpin Shopify (NYSE: SHOP) rose as much as 5.5%, digital payments denizen PayPal (NASDAQ: PYPL) jumped as much as 6.9%, and Latin American e-commerce and fintech leader MercadoLibre (NASDAQ: MELI) surged as much as 8.3%. Positive developments in the unfolding saga involving the British pound and a spike in U.S. Treasury yields provided the catalyst.