Markets

Stock Boom Day After Christmas

Stock Boom Day After Christmas

USA stocks fell sharply at open on Thursday following a spectacular rally a day earlier that helped the blue-chip Dow Jones Industrial Average surge more than 1,000 points for the first time ever.

The S&P ended Monday 19.8 percent below its all-time closing high, with roughly three-fourths of its stocks already in a bear market. The boost came in the first day of trading since Monday's Christmas Eve dip of more than 600 points.

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. Visa added 3 percent to $125.32, while Mastercard gained 3.5 percent to $180.82. "The recent selloff reflected fears of an impending recession which were blown away today by Amazon and other retailers reporting a record holiday selling season".

Bond prices fell. The yield on the 10-year Treasury rose to 2.76 percent.

The S&P 500 - which had been on the verge of bear market territory, which is when a market falls 20% from a recent high - and Nasdaq were also up sharply.

White House economic advisor Kevin Hassett sought to reassure on Powell's prospects, telling ABC News the Fed chief is "100 per cent" safe. "USA exchanges were closed Tuesday for the Christmas holiday", adds the article. Shares of department store JCPenney (JCP) dipped below $1 for the first time and Ford (F) stock was down as much as 9% this week.

Russia's President Vladimir Putin ready to deploy new Avangard hypersonic missiles
He added that it was important to differentiate between "simulated ballistic target" and real hypersonic missiles. The Avangard hypersonic vehicle zigzags on its path, making it impossible to predict, Russian Federation says.

ENERGY: Benchmark U.S. crude jumped $1.02 to $45.63 per barrel in electronic trading on the New York Mercantile Exchange.

Futures of both the Dow Jones Industrial Average and the S&P 500, which were recently flirting with bear territory, plunged at least 1.4% in early morning NY trading on Thursday. The Nasdaq was up 4 percent and on track to wipe out Monday's losses. the S&P posted a 2.9 percent pop in afternoon trading.

Analysts also took heart from a almost nine percent jump in USA oil prices, the biggest in more than two years and another bounce back following recent weakness in petroleum markets.

Some of the world's biggest markets are yet to react to Wall Street's Christmas Eve sell-off.

MARKETS OVERSEAS: Markets in Europe, Hong Kong and Australia were closed. Benchmark Brent crude increased more than 8.5 percent to more than $54 per barrel. "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. PulteGroup climbed 2.2 percent to $25.22. Bank of America, JPMorgan and Goldman Sachs slipped more than 1 percent as the yield on the the 10-year Treasury fell to 2.76 percent from 2.79 percent.

"Moreover, there are still a number of positives that risk getting lost in the gloom, such as a relatively high personal saving rate, a sizable private sector financial surplus, and strong real income growth on the back of rising wage growth and lower oil prices". Shares fell in Taiwan, Singapore and Indonesia but rose in Thailand.


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