NASDAQ, Dow Jones, S&P 500 rebound as US bond yields decline

The Wall Street ended in green on Wednesday as US government bond yields declined after the Treasury Department said that it would ramp up bond repurchases.

Dow Jones Industrial Average climbed 0.22% to 53,463.05, while S&P 500 rose 0.21% to settle at 7,707.98. The tech-heavy NASDAQ Composite added 0.16% to 26,331.09.

The 30-year US Treasury yield soared to a new 19-year high of over 5.33% earlier this week. After the government said that it will at least double the size of its debt repurchases, the 30-year Treasury declined over 10 basis points to 5.184%.

The present maximum size of $2 billion per operation will be at least $4 billion per operation.

"This increase in buyback operation sizes reflects Treasury’s desire to provide greater liquidity support in longer-dated nominal sectors where there is consistent strong sponsorship from market participants, as evidenced by the significant volume of high-quality offers Treasury routinely receives in longer-dated buyback operations," the Treasury department said in a statement.

Pharmaceutical and biotechnology company Moderna Inc's shares surged 176.97% to $174.38 apiece after an experimental mRNA cancer vaccine, developed with Merck, showed a lower risk of melanoma recurrence when paired with Keytruda in a late-stage trial.

The stock of Merck & Co Inc rose 12.60% to $152.20 per share.

Marvell Technology shares advanced 9.85% to $237.27 per unit after it entered into a commercial agreement with Google in relation to the company's development of custom semiconductor products for Google.

"The expanded partnership spans a comprehensive range of custom silicon programmes that attach to the TPU ecosystem, including AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near-memory compute," the semiconductor maker said in an exchange filing.

Shares that ended in red include NVIDIA Corp, Intel Corp, Broadcom Inc, Western Digital Corp, Walmart Inc, Caterpillar Inc, Boeing, Honeywell Technologies Inc and Goldman Sachs Group Inc, among others.