Wall Street notches best day in 10 years in holiday rebound

first_imgStocks rocketed on Wednesday in Wall Street’s best day in 10 years, snapping a stomach-churning, four-day losing streak and giving some post-Christmas cheer to a market that has been battered this December.The Dow Jones Industrial Average shot up more than 1,000 points — its biggest single-day point gain ever — rising nearly 5 percent as investors returned from a one-day Christmas break. The broader S&P 500 index also gained 5 percent, and the technology-heavy Nasdaq rose 5.8 percent.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 real question is: Do we have follow-through for the rest of this week?” said Sam Stovall, chief investment strategist for CFRA.Technology companies, health care stocks and banks drove much of the broad rally. Retailers also were big gainers, after a holiday shopping season marked by robust spending. Amazon had its biggest gain in more than a year.Energy stocks also rebounded as the price of U.S. crude oil posted its biggest one-day increase in more than two years.But what really might have pushed stocks over the top was a signal from Washington that President Donald Trump would not try to oust the chairman of the Federal Reserve.last_img

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