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

Jermaine Castillo
December 29, 2018

Benchmark U.S. crude climbed 8.7 percent to settle at $46.22 a barrel in NY.

The Dow Jones Industrial Average surged on Wednesday in a seesaw session, as USA markets erased losses suffered in the most recent trading session on Christmas Eve.

The market suffered huge losses during a shortened Christmas Eve session, which had the lowest closes for all three indices since 2017.

USA stocks moved broadly higher in early trading Wednesday, recovering some of their losses from a steep drop ahead of the Christmas holiday that left the benchmark S&P 500 index on the edge of what Wall Street calls a bear market.

The market's gyrations have resulted in unusual volatility for the final days of the year. Gains in the tech and retail sectors drove the rally, helping the market recoup losses witnessed on Monday.

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"Today the market's message is that we have nothing to fear but fear itself", said Ed Yardeni, president of Yardeni Research.

The S&P 500 index fell 44 points, or 1.8 percent, to 2,423 as of 12:55 p.m.

United States stocks enjoyed the greatest single-day increase in their history a day after Christmas, only two days after suffering their worst single-day decline, the Dow Jones Industrial Average and other indices revealed. The Nasdaq gained 361.44 points, or 5.8 percent, to 6,554.36. The Russell 2000 index of smaller-company stocks gave up 25 points, or 1.9 percent, 1,304.

But remember: Prior to Wednesday's sharp rally, the SPX had fallen 15% in the month of December.

The Dow is down 1,840.77 points, or 7.5 per cent. The S&P 500 dropped 1.4 percent and the Nasdaq Composite fell 1.7 percent. Recently, Trump has unsettled markets by signaling the potential firing of Federal Reserve Chairman Jerome Powell and a trade war escalation. The investors had already called it a Christmas miracle.

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BUYBACK BOOST: rose 1.5 percent to $20.02 after the Chinese e-commerce company's board authorized a stock buyback program of up to $1 billion. Kohl's jumped 5.6 percent.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.79 percent from 2.75 percent late Monday.

The decline in oil prices weighed on energy stocks. Nordstrom picked up 4.2 percent to $46.06.

CURRENCY: The dollar declined to 110.58 yen from Thursday's 111.01 yen. The euro weakened to $1.1387 from $1.1404. At the start of Wednesday's trading, all the major indexes were in or close to a bear market. Data released by Mastercard SpendingPulse showed retailers were having their best holiday season in six years. But despite Wednesday's surge, it remained on pace for its biggest monthly percentage drop since February 2009, during the throes of the financial crisis.

But, shortly thereafter, the Dow Jones fell by almost two percent, unable to recover from a bear market territory. South Korea's Kospi added 0.3 percent to 2,034.19 and the Shanghai Composite index was up 0.7 percent at 2,514.45.

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