Dow Surges 1000+ Points, Largest Single-Day Gain Ever

Dow soars 1,000 points biggest point gain ever	 	 	 			NYSE

"The markets are in panic mode that the United States economy is tanking", Stephen Innes, head of Asia-Pacific trading for online broker Oanda, said in an email.

United States 2018 holiday sales post-Christmas delivered positive news, marking the strongest numbers in six years rising 5.1% from the previous year to $850 billion.

To be exact, the Dow gained 1086.25 points Wednesday.

Asked on Wednesday if Mr. Powell's job was safe, White House economic adviser Kevin Hassett told reporters: "Yes, of course, 100 per cent". Steven Mnuchin was criticized for saying he called bank chiefs to gauge liquidity.

Even with Wednesday's recovery, us stock markets are still on pace for their worst December since 1931, CNN reported, citing S&P Global Indices. "Main Street are happy with their jobs, enjoying their best wage increases in a decade", said Craig Johnson, president of Customer Growth Partners, a retail research and consulting firm.

Perrigo gave up 6.6 percent to $38, one of the big decliners in the health care sector.

The S&P broke a four-session streak of declines. The S&P 500 and technology-heavy Nasdaq Composite also bounced. (NASDAQ: AMZN) in percentage terms.

Analysts also took heart from a almost nine percent jump in United States oil prices, the biggest in more than two years and another bounce back following recent weakness in petroleum markets. Crude jumped nearly 10 per cent. Brent crude, used to price worldwide oils, gained 0.6 percent to $51.10 a barrel in London.

Light volume can exaggerate market moves up or down. Canadian markets were closed Wednesday, Boxing Day. Consumer discretionary, energy and technology were leading the way.

Stock markets staged a miraculous comeback Wednesday following their worst-ever Christmas Eve. "They have record kinds of numbers. Investors will likely go for low (valuation) names because they could get into the market that way without getting into trouble". "Really a great opportunity to buy". The Dow Jones Industrial Average jumped 1,086.25 points, or 4.98 percent, to 22,878.45. In early afternoon, only 5 stocks in the benchmark index were higher. A correction is generally defined as a 20 percent retreat off recent highs. The Nasdaq is already in bear market, along with the Dow Jones Transport Average.DJT and small-cap Russell 2000 index. The composite of some of America's most important companies is on track for its worst month since 1998.

Erik Nielsen, the chief economist at UniCredit Bank in London, went as far to say during an interview with the Wall Street Journal that the volatility in USA markets is "turbocharged" by the abrupt policies implemented by the government, and the recent downturn of the market could lead the US into a full-blown recession by 2020.

Markets in Hong Kong and Australia, which reopened after Christmas, climbed too.

"Well, we'll see", the president said when a journalist asked whether he had confidence in Powell. At the same time, it's not a real shocker that the president is not too happy that the Fed chose to jack up interest rates again.

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