The Dow Jones Industrial Average surged at least 1,000 points in a single session for the first time on Wednesday in a broad stock rebound after the benchmark S&P 500 index was on the brink of a bear market. Unemployment is at 3.7 percent, the lowest since 1969.
The Nasdaq is down 323.90 points, or 4.7 percent. The S&P 500 has averaged a 10.8% rise over the six months following such a washout, with only the minus 2525 reading in October 2008 resulting in a loss, though of only 5.9%. If that holds it would be the Dow's fifth loss of 500 or more points out of 18 trading days in December. Thursday would make eight out of nine.
European markets returned to trading following the Christmas and Boxing Day holidays to trade mixed.
In a dramatic session that also saw the benchmark S&P 500 come within a whisker of dropping into bear market territory, oil prices surged, boosting sentiment for risk assets such as stocks and underpinning a 6.2-per-cent gain for energy shares.
US President Trump considering executive order to bar Huawei, ZTE purchases
A new United States government move targeting Apple rival Huawei and fellow Chinese telecom company ZTE may come as early as the beginning of 2019.
Some of the world's biggest markets are yet to react to Wall Street's Christmas Eve sell-off. But even with that gain, it is still down 7.4 percent on the year.
us stocks staged a furious rally a day after dropping to the brink of a bear market. Markets in Ireland, Britain, Germany and France were closed on.
Other members of the FANG group, Facebook Inc (FB.O), Netflix Inc (NFLX.O) and Alphabet Inc (GOOGL.O), which has also been under pressure recently, rose between 0.4 percent and 2.8 percent. The index is still clocking its biggest percentage drop in any December since the Great Depression and roughly three-quarters of its stocks are in bear market.
The partial government shutdown that began over the weekend also weighed on the market, as did personnel turmoil inside the Trump administration, trade tensions with China, the slowing global economy and worries that corporate profits are going to slip sooner or later.
People walk on Wall Street in front of the New York Stock Exchange (NYSE) in New York February 6, 2018.
Chelsea begin talks to sign Nabil Fekir from Lyon
At the same time, Morata is valued at around €45m, a massive drop from the sum they paid to get him from Madrid . Chelsea are now struggling with both their No.9; Alvaro Morata and Olivier Giroud keeping on misfiring.
Bond prices fell. The yield on the 10-year Treasury is up to 2.76 percent.
Gold edged up 0.6 percent to $1,281.10 an ounce and silver gained 1.2 percent to $15.31 an ounce.
CURRENCIES: The dollar strengthened to 110.57 yen from 110.41 yen on Monday.
Advancing issues outnumbered decliners by a 1.45-to-1 ratio on the NYSE and a 2.15-to-1 ratio on the Nasdaq. London's FTSE was little changed, Germany's DAX fell 0.7 percent and France's CAC was up 0.6 percent.
"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", analyst Stephen Innes of OANDA said in a market commentary.
Mick Mulvaney: Pelosi Standing in Way of Compromise to End Shutdown
Alas, as I've already insinuated, the causes of Chuck Schumer's intransigence shouldn't be hard for the president to understand. Trump says $5 billion is needed to extend and improve border barriers along the Mexico frontier.
White House economic adviser Kevin Hassett tried to bring some calm to the markets earlier Wednesday when he assured reporters that Federal Reserve Chairman Jerome H. Powell's job is "100 percent safe".
- United States president Donald Trump defends Syria pullout, expresses unhappiness with Afghan deployment
- Mega Millions Christmas Jackpot Tops $320 Million, Powerball Hits $294 Million
- Trump ignites Twitter storm after Christmas call with child
- Trump digs in on the wall and the shutdown
- Arsenal boss Unai Emery admits January transfers will be hard
- Media bashes Trump for 'doxxing' Navy Seals & troops for MAGA hats
- US oil prices extend gains as equities rise, but economic worries weigh
- Rain, snow continue to wreak havoc on holiday travel
- Australian commentators insult Mayank Agarwal on his debut
- Melbourne Test: India 215/2 at stumps against Australia