Dow surges ONE THOUSAND points in the biggest single-day gain in US history on the first day of trading after the markets took the biggest Christmas Eve plunge ever

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The Dow Jones Industrial Average has soared more than 1,000 points for the index's largest one-day point increase in history, a stunning rally after markets took their worst-ever Christmas Eve plunge.  
The Dow Jones Industrial Average soared 1,086.25 points, or 4.98 per cent, on Wednesday to close at 22,878.45, while the S&P 500 tacked on 111.11, or 4.73 per cent. 
The tech-heavy Nasdaq gained 25.95 points, or 0.40 per cent.
Gains in technology companies, retailers, health care and internet stocks drove the broad rally. Energy stocks also rebounded as the price of U.S. crude oil notched its biggest one-day gain in more than two years.
Trader Peter Tuchman, right, slaps a high five before the closing bell on the floor of the New York Stock Exchange, Wednesday. The Dow closed up more than 1,000 points
Trader Peter Tuchman, right, slaps a high five before the closing bell on the floor of the New York Stock Exchange, Wednesday. The Dow closed up more than 1,000 points
The Dow surged on Wednesday for the largest single-day points gain in U.S. history
The Dow surged on Wednesday for the largest single-day points gain in U.S. history
Following months of some of the most volatile market moves in history, analysts said the surge in stock prices was a natural rebound after Monday's crushing declines.
'Today simply can only be really chalked up to a reflex rally after having been oversold,' said Sam Stovall, chief investment strategist for CFRA. 'The real question is do we have follow-through for the rest of this week.' 
Wednesday's gains pulled the S&P 500 back from the brink of a bear market, where it finished after a shortened trading session Monday. The turn to a bear market would mark the end to the longest bull market for stocks in modern history after nearly 10 years.
Stocks fell sharply Monday after President Donald Trump lashed out at the Federal Reserve for guiding interest rates higher, writing in a tweet that the central bank is 'like a powerful golfer who can't score because he has no touch - he can't putt!' 
Administration officials had spent the weekend trying to assure financial markets that Fed chairman Jerome Powell's job was safe. On Tuesday, Trump reiterated his view that the Federal Reserve is raising interest rates too fast, but called the independent agency's rate hikes a 'form of safety' for an economy doing well.
On Wednesday, Trump's Twitter feed fell silent as he made his way to Iraq for a surprise visit. He did not tweet until 25 minutes before the market closed, to share a video of himself greeting troops at at Al Asad Air Base in Iraq.
On Wednesday, Trump's Twitter feed fell silent as he made his way to Iraq for a surprise visit to the troops. He did not tweet until 25 minutes before the market closed
On Wednesday, Trump's Twitter feed fell silent as he made his way to Iraq for a surprise visit to the troops. He did not tweet until 25 minutes before the market closed
Specialists Peter Mazza, left, and Mario Picone work on the floor of the New York Stock Exchange on Wednesday
Specialists Peter Mazza, left, and Mario Picone work on the floor of the New York Stock Exchange on Wednesday
The Dow remains down for the past five trading days (above) and month, as well as for the year
The Dow remains down for the past five trading days (above) and month, as well as for the year
Also Wednesday, Kevin Hassett, chairman of the White House Council of Economic Advisers, tried to soothe markets, saying Powell is in no danger of being fired.
'The market is trying to find an equilibrium between earnings, revenue growth and the economy, but when you have an onslaught of headlines that just manifest uncertainty from Washington, it just feeds negative sentiment,' said Quincy Krosby, chief market strategist at Prudential Financial.
The market's sharp downturn since October intensified this month, erasing all of its 2018 gains and nudging the S&P 500 closer to its worst year since 2008. Despite Wednesday's rally, stocks are on track for their worst December since 1931, during the depths of the Great Depression.
'This is a market that's heavily oversold, and typically you expect a strong bounce following that,' Krosby said. 'Oil prices have just moved quite markedly. And retail is having a very strong holiday season.'
The lackluster finish to 2018 comes as most economists expect growth to slow in 2019, though not by enough to slide into a full-blown recession. 
Many economic barometers still look encouraging. Unemployment is at 3.7 per cent, the lowest since 1969. Inflation is tame. Pay growth has picked up. Consumers boosted their spending this holiday season.
University of Wisconsin football Team Captain Alec Ingold, second from right, and University of Miami football Team Captain Jaquan Johnson, right, ring the New York Stock Exchange opening bell on Wednesday
University of Wisconsin football Team Captain Alec Ingold, second from right, and University of Miami football Team Captain Jaquan Johnson, right, ring the New York Stock Exchange opening bell on Wednesday
Even so, traders have been jittery this autumn over signs that the global economy is slowing, the escalating U.S. trade dispute with China and another interest rate increase by the Fed. Many investors are growing worried that corporate profits -- which drive stock market gains -- are poised to weaken.
Some of what Wall Street sees coming out of the White House has added to the market's uncertainty, specifically the president's attacks on the Fed and remarks about the ongoing trade conflict with China.
The president could help restore some stability to the market if he 'gives his thumbs a vacation,' Stovall said.
'Tweet things that are more constructive in terms of working out an agreement with Democrats and with China. And then just remain silent as it relates to the Fed,' Stovall said.
Technology stocks accounted for much of Monday's early bounce. Adobe rose 6.1 percent to $217.71. Payment processors Visa and Mastercard also headed higher. Visa added 4.3 percent to $126.99, while Mastercard gained 4.2 percent to $182.05.
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Big retailers were among the gainers. Amazon climbed 6.9 percent to $1,436.47. Kohl's gained 8.3 percent to $64.75. Nordstrom picked up 4.2 percent to $46.06.
Homebuilders mostly rebounded after an early slide following a report indicating that annual U.S. home price growth slowed in October. PulteGroup climbed 2.2 percent to $25.22.
Benchmark U.S. crude climbed 8.7 percent to settle at $46.22 a barrel in New York. Brent crude, used to price international oils, gained 7.9 percent to $54.47 a barrel in London.
The pickup in oil prices helped boost energy stocks. Marathon Petroleum rose 4.8 percent to $56.93.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.79 percent from 2.75 percent late Monday.
The dollar strengthened to 111.36 yen from 110.41 yen on Monday. The euro weakened to $1.1351 from $1.1404.
Gold edged up 0.1 percent to $1,273 an ounce and silver gained 2 percent to $15.12 an ounce. Copper gained 1.5 percent to $2.70 a pound.  
The partial U.S. government shutdown that started Saturday is unlikely to hurt the economy much, although it may deprive the financial markets of data about international trade and gross domestic product. 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.
In other trading Wednesday, South Korea's Kospi gave up 1.3 percent, while Japan's Nikkei 225 index, which plunged 5 percent on Tuesday, picked up 0.9 percent. Shares fell in Taiwan, Singapore and Indonesia, but rose in Thailand. 

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