Economy

'Christmas Miracle': US Stock Market Experiences Record Rally a Day After Fall

'Christmas Miracle': US Stock Market Experiences Record Rally a Day After Fall

The reversal pulled the Dow Jones Industrial Average from a 611-point loss, placing it on track to extend gains from a day earlier, when the market had its best day in 10 years. The best performers in the DJIA were Nike Inc that gained 7.21%, Apple inc that added 7.04% and Visa Inc, adding 6.98%.

Trump administration officials spent the weekend trying to assure jittery financial markets that U.S. Federal Reserve chair Jerome Powell's job was safe.

US stocks are on track for their worst year since 2008, which was during the Great Recession, and their worst December since 1931, which was during the Great Depression.

Everyone on Wall Street knows strong rallies are common in troubled times.

Stocks could roar back to new highs next year as they did this summer. The yield on the 10-year Treasury note held steady at 2.75 percent.

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But seeing the pitch now, it has much more grass than it had last time. What they are missing is a spinner who can match up to Lyon. That's all I'll say", Shastri quipped.

The three indexes are down more than 12 percent for the month. The Nasdaq Composite is up 116 points or 1.9 percent at 6,311.

ON THE BRINK: Wednesday's gains provide the S&P 500 some breathing room after finishing the shortened trading session Monday just shy of a 20-percent drop from its peak three months ago.

With the country's largest technology stocks in the likes of Amazon and Apple losing three to seven percent on the day, all of the major stock indexes in the US are expected to struggle until the year's end. Kohl's gained 10.3 per cent to $65.92.

In European markets, where trading resumed after a Christmas holiday break, the German DAX slid 2.1 percent, while France's CAC 40 gave up 0.3 percent.

The near-decade long bull market that began in March 2009 earned a reprieve on Wednesday's rally.

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The 7-year-old Guatemalan girl died on December 8 after reportedly experiencing dehydration and high fever. She died after being detained along with her father by USA border agents in a remote part of New Mexico.

"We're seeing the same thing recently and it's not really good". "They have record kinds of numbers".

The S&P 500 index fell 69 points, or 2.8 percent, to 2,398 as of 2:15 p.m. The Dow closed down 653 points. Wednesday through Friday are normal trading days. A correction is generally defined as a 20 percent retreat off recent highs. Indeed, holiday sales increased 5.1 percent on the 2017 season to over $850 billion (€747 billion).

For a brief time, stocks rebounded, but were sent tumbling when President Donald Trump reignited concerns about the relationship between the White House and the Federal Reserve after it raised its benchmark interest rate one-quarter point, to 2.5 percent, last week.

"It's an unwind of Monday's reaction to Mnuchin 's unexpected phone calls", said Simeon Hyman, global investment strategist at ProShares".

SkyBridge Capital senior portfolio manager Robert Duggan said that investors have never been this confused and shell-shocked, uncertain of their positions in the stock market. But I certainly have confidence.

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In a real bind, small convenience stores including Wawa, 7-Eleven and Cumberland Farms will also be open on Christmas day . Calgarians can also head to the mountains to ski at Mount Norquay, Lake Louise and Banff's Sunshine Village.

"If the consumer gets cold feet, then one of the economy's major engines may fail to keep the economy flying high", said Chris Rupkey, chief financial economist at MUFG Union Bank. Trump nominated Powell previous year to take over the Fed, but since interest rates began rising, Trump has upped his rhetoric against Powell.