Dow Rallies 1,000 Points, Scoring Biggest One-Day Gain in History

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Stocks are wavering between small gains and losses in midday trading Friday as the market continues to churn amid the volatile trading that has gripped the market throughout December.

All told, the S&P 500 rose 116.60 points Wednesday, or 5 percent, to 2,467.70.

"The Fed is engaged in the unprecedented experiment of simultaneously unwinding its balance sheet and "normalizing" interest rates", the article said, adding that the consequences were hard to predict.

Read the full story at CNBC. Asian and European stock benchmarks also fell. 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.

Elsewhere, U.S. home price growth slowed in October, a likely effect of higher mortgage rates having worsened affordability and causing sales to fall.

Chinese shares marked their lowest close in four years on Thursday, dragged down by Sinopec which fell after Reuters reported that the state-owned oil giant had suspended two top executives at its trading arm. It gained 4.7%, the biggest percentage gain since March 2009. Amazon climbed 6.9 percent to $1,436.47.

Risk Indicators: The VIX, shown as a bar chart, has come down from recent highs, and Treasury yields, as represented by a purple line showing the 10-year Treasury Index, have risen.

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Stocks slumped for most of the day as the selling that had gripped the market for most of December resumed. The Nasdaq Composite traded 0.2 percent higher after dropping more than 3 percent.

Traders Peter Tuchman, right, slaps a high five before the closing bell on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. The yield on the 10-year Treasury note held steady at 2.75 percent.

Gold edged up 0.1 percent to $1,273 an ounce and silver gained 2 percent to $15.12 an ounce. The euro strengthened to $1.1422 from $1.1351.

Perrigo gave up 5.8 percent to $38.35, one of the big decliners in the health care sector.

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. The Bureau of Economic Analysis said Wednesday that it's required to suspend all operations until Congress approves funding, which means that the government might not release its fourth-quarter report on gross domestic product as scheduled for January 30. Korean shares tumbled after a holiday, and Shanghai stocks fell for a second day.

On Monday, a senior Treasury official, who declined to be named, told CNBC that the goal of the call and putting out the statement, was a "prudent, preemptive measure" following last week's market volatility, which saw the Dow experiencing its worst one-week plunge in a decade.

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