Dow Surges 1000+ Points, Largest Single-Day Gain Ever
- Author: Darren Santiago Dec 28, 2018,
Dec 28, 2018, 0:29
But such a scenario has played out twice in the past, once in 1998, and again in 2011.
The president on Christmas Day cast fresh doubt on the record of Powell, whom he has increasingly blamed for the market weakness. Advanced Micro Devices slid 6 percent to $16.82. So I think it's a tremendous opportunity to buy. A senior Treasury official told CNBC on Monday that the objective of Mnuchin's call and statement was to take a "prudent, preemptive measure" after last week's market volatility.
And many strategists are forecasting at best a subdued performance for stocks in 2019.
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. The Russell 2000 index of smaller-company stocks picked up 62.89 points, or 5 per cent, 1,329.81. The S&P was up four percent Wednesday while the Nasdaq rose 4.8 percent.
"And they want to get a little bit of a jump on that", he said. Japan's Nikkei 225 fell by 5 percent to end the day at 19,155.14 points.
A few things might have shaken the bears' grip. Worries about rising interest rates, Donald Trump's attacks on the Federal Reserve for raising those rates, a government shutdown and the continuing trade tensions between the U.S. and China have all rattled investors and the major indices are now on the brink of a bear market - a 20% fall from their most recent high.
"After a day like yesterday, you'd like to say, 'Oh, that's it".
"The outsized moves are not reflective of the current US economic landscape, but that seems to matter little so far as fear mongering continues to permeate every pocket of global capital markets", Stephen Innes of OANDA, a currency trading platform, said in a market commentary.
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For some investors, it was simply a case of a market getting ahead of itself when everything from hiring to earnings to the economy are still rising. The Dow has dropped 1 percent or more in eight of the 17 trading sessions.
After Monday's Wall Street losses, Asian markets followed.
The S&P 500 Index fell 2.7 percent, marking the first Christmas Eve that the broad-market benchmark has booked a loss of 1 percent or greater - ever. Nordstrom picked up 4.2 percent to $46.06.
USA stocks dropped in trading Monday, after a brutal week pushed the S&P 500 to the brink of a bear market. Seasonally, this is usually a positive, or at least benign, time for the markets.
Still, a bull can hope. "It's going to take a long time to recover that confidence".
Something similar happened in 1998, when the benchmark suffered a drop greater than 19 percent, bottoming on October 8, before a 2.6 percent rally spared it from oblivion.
Many have noted that the increase in lightning-quick computerized trading has exacerbated swings in the market, making it hard for market participants to gauge sentiment. "This is just a face ripping short cover rally".
Among tech stocks, Adobe rose 8.7 percent.