The Dow and S&P 500 snapped a six-session skid on Wednesday as equities rallied sharply and bond yields retreated after the Bank of England took a surprising U-turn with a new plan to buy U.K. government debt. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.82% rose about 548 points, or 1.9%, ending near 29,683, ending a six-session decline, according to Dow Jones Market Data. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.59% advanced 2% and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.55% jumped 2.1%. A decision tobuy unlimited amounts of U.K. long-dated government debt came after the pound fell to a record low after last Friday's U.K. budget announcement which sent bond yields soaring. The Dow entered its first bear market this week since 2020 as investors worried about the Federal Reserve's aggressive tightening cycle and recession fears.