Dow Surges 1,000 Points as Markets Recover From Christmas Eve Disaster

Dow Surges 1,000 Points as Markets Recover From Christmas Eve Disaster

Dow Surges 1,000 Points as Markets Recover From Christmas Eve Disaster

The Dow Jones Industrial Average slumped about 300 points early today, a day after notching its biggest-ever point gain, as the market endures a bout of volatility to end what has been a topsy-turvy year. All 30 Dow members gained, with Nike and Apple rising more than 7 percent.

The S&P CoreLogic Case-Shiller 20-city home price index rose 5 percent from a year earlier, down from an annual gain of 5.2 percent in September.

A lack of news and light trading that traditionally accompany the holiday season also combined with cheaper prices due to a turbulent month of trading to encourage investors to buy more stocks.

Wall Street saw its worst preforming Christmas Eve drop this year, with the benchmark S&P 500 getting very close to dropping into bear market territory. The Toronto Stock Exchange was closed on Wednesday along with markets in Europe, Hong Kong and Australia.

Asked on Wednesday if Mr. Powell's job was safe, White House economic adviser Kevin Hassett told reporters: "Yes, of course, 100 per cent".

His reassurance comes two days after Mr Trump tweeted that the Fed, by maintaining its interest-rate-hiking cycle, is the USA economy's "only problem".

The partial US government shutdown that started Saturday is unlikely to hurt the economy much, although it may deprive the financial markets of data about global trade and gross domestic product.

Bank stocks fell along with Treasury yields. Amazon climbed 9.4 percent to $1,470.90.

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The S&P 500 is down 184.78 points, or 6.9 percent. Japan's Nikkei 225 index, which plunged 5 percent on Tuesday, picked up 0.9 percent Wednesday.

The Dow Jones Industrial Average.DJI was up 196.31 points, or 0.90 percent, at 21,988.51 and the Nasdaq Composite.IXICwas up 98.42 points, or 1.59 percent, at 6,291.34.

Stocks are down sharply Thursday, making the prior day's strong performance seem like an aberration, as Wall Street stumbles toward what could be its worst December since the Great Depression. Unemployment is at 3.7 percent, the lowest since 1969. PulteGroup climbed 4.7 percent to $25.85.

Stocks are opening higher Friday as US markets try to maintain the momentum from a late-day rally on Thursday. Over the two sessions following that gain, the Dow dropped more than 800 points.

All three major US indexes gained at least 4 percent on Wednesday.

Benchmark U.S. crude dropped 3.5 percent to settle at $44.61 a barrel in NY.

Multiple factors have influenced the recent market turmoil including President Donald Trump's continued attacks against Federal Reserve chairman Jerome Powell, sagging oil prices, trade disputes with China, unprompted comments by Treasury Secretary Steven Mnuchin and the prospect of a long-lasting government shutdown.

The dollar strengthened to 111.36 yen from 110.41 yen on Monday. Shares fell in Taiwan, Singapore and Indonesia but rose in Thailand.

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