Dow rises 230 points after Treasury doubles bond buybacks

The Dow Jones Industrial Average climbed 230 points, or 0.4%, on Wednesday, as the U.S. Treasury announced plans to double its bond buybacks, driving long-term Treasury yields down. The S&P 500 and Nasdaq Composite both gained 0.4% each. The 30-year Treasury yield fell 9 basis points to 5.196%, while the 10-year note yield dropped 6 basis points to 4.647%.

The Treasury emphasized it has no intention to use the repurchases to curb market downturns. Moderna's stock surged over 80% after positive results from a late-stage cancer vaccine study. Marvell Technology shares jumped more than 12% following a partnership announcement with Google.