Markets

DJIA rallies over 1000 points in a strong post Christmas recovery

DJIA rallies over 1000 points in a strong post Christmas recovery

One thing's for sure, for investors starved of good news all month, Wednesday brought it coursing back in a flurry.

Kevin Hassett, chairman of the White House Council of Economic Advisers, said on Wednesday that Fed chairman Jerome Powell's job was not in jeopardy.

"After a day like yesterday, you'd like to say, 'Oh, that's it". A late report that a USA government delegation will travel to Beijing in two weeks to hold trade talks gave stocks a final push higher.

Asian markets also rallied, buoyed by the positive news from Wall Street.

The broader All Ordinaries index has lifted by a similar level to 5,634 points.

This therefore means that NASDAQ is down by more than 20 percent from the value of 29 of august when it had recorded its high.

The three indexes are down more than 12 percent for the month.

BUYBACK BOOST: JD.com 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.

Dow Jones was down 387.30 points at 22,491.15, the S&P 500 was down 39.21 points at 2,428.49 and the Nasdaq was down 98.10 points at 6,456.25.

Still, world stocks stayed off near two-year lows, lifted by Wednesday's 1,000 point-plus surge on the U.S. Dow Jones index which was triggered partly by the strongest holiday sales in years. Germany's DAX dropped 0.3 per cent to 10,601.98 while France's CAC 40 added 0.8 per cent to 4,664.54. Benchmark Brent crude increased more than 8.5 percent to more than $54 per barrel.

The indexes are rebounding from steep losses before the Christmas holiday.

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The near-decade long bull market that began in March 2009 earned a reprieve on Wednesday's rally.

Wednesday's rally comes two days after stocks were routed on a disastrous Christmas Eve that saw the Dow and the Nasdaq suffer their worst-ever losses in December 24 trading. "They have record kinds of numbers".

The S&P 500 index rose 26 points, or 1.1 percent, to 2,377 as of 10 a.m. Canadian markets were closed Wednesday, Boxing Day.

The SPI200 futures contract was unchanged at 5,553 at 8am on Friday, having been more than 1 per cent lower just an hour earlier.

Earlier on Monday Trump continued his regular attacks on the Federal Reserve.

"It's an unwind of Monday's reaction to Mnuchin 's unexpected phone calls", said Simeon Hyman, global investment strategist at ProShares".

What happened: There are at least three reasons for the day after Christmas gift for beleaguered investors.

"We have started to see the yen regain its place as the safe haven of choice", MUFG's Hardman said. But I certainly have confidence.

"And they want to get a little bit of a jump on that", he said. Though appointed by Trump, the Fed is not beholden to the White House and has slowly raised interest rates, to the president's consternation.

Oppenheimer equity analyst John Stoltzfus said in a note Monday that "putting the recent equity market declines into historical context lessens their sting".