Markets Right Now: Stocks surge on Wall Street

US stocks attempt rebound

The Dow soared more than 1,000 points - its biggest one-day point spike ever - for a gain of more than 4%, to 22,813.56, while the S&P 500-stock index rose almost 3 percent and the tech-heavy Nasdaq jumped 4 percent.

American exchanges were closed on Tuesday for the Christmas holiday, but stocks are inheriting downside momentum from a Monday plunge when they recorded their worst Christmas Eve trading ever - and the S&P 500 entered a bear market.

Meanwhile, the tech-heavy Nasdaq index jumped 5.8 per cent to 6,554. The S&P 500 came within 2 points of falling 20 percent from its late-September closing high, a threshold commonly used to define a bear market.

To be exact, the Dow gained 1086.25 points Wednesday.

But even with the rally, the market remains on track for its worst December since 1931, during the depths of the Depression, and could finish 2018 with its steepest losses in a decade.

The Dow was whirling between slightly negative to 200 points up in the first hours of Wednesday's session before its early afternoon lift on the tails of surging blue chips Apple, Home Depot, Microsoft, Visa and Nike.

But after rising more than 1 percent shortly after the start, the gains started fading.

Benchmark U.S. crude climbed 8.7 percent to settle at $46.22 a barrel in NY. "The concerns are government shutdown, the economy, the President - what time is he going to tweet out about Federal Reserve", said Larry Benedict, founder of the Opportunistic Trader in Boca Raton, Florida.

Technology companies, a big driver of the market's gains before things deteriorated in October, rebounded after being down most of the day.

US stock futures pointed to a slight rebound Wednesday morning in the wake of Wall Street's steep fall on Monday. The Cboe Volatility Index, or VIX, sits well over 30 at 34.06, even after falling 5.6% today.

The Shanghai Composite Index rose 0.4 per cent to 2,943.37 while Tokyo's Nikkei 225 lost 0.1 per cent to 20,043.25.

Petroleum-linked shares also had a good session, with Chevron winning 6.3 per cent and Halliburton 5.1 per cent following the rally in oil prices.

Advancing issues outnumbered declining ones on the NYSE by a 4.84-to-1 ratio; on Nasdaq, a 3.80-to-1 ratio favoured advancers.

The Dow Jones Industrial Average rallied by more than 1,000 points, climbing by around 1,086 points, or 5%, to end near 22,878. while the S&P 500 SPX, +4.96% advanced around 117 points, or 5%, to close near 2,468.

US stocks staged a last-minute turnaround that put the market on track to end the volatile week with a gain.

The comeback reversed a 611 point drop in the Dow Jones Industrial Average. The S&P 500 rose 1.1% and Nasdaq was up about 1.7%. Retailers also were big gainers, after a holiday shopping season marked by robust spending. But in an interview with The Wall Street Journal published Wednesday, a White House economic adviser said that Fed chairman Jerome Powell is in no danger of being fired.

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.

All three major indexes were on pace to snap a four-day losing streak. The Nasdaq is already in bear market, along with the Dow Jones Transport Average.DJT and small-cap Russell 2000 index.

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