Wall Street suffers worst Christmas Eve trading day on record

Wall Street notches best day in 10 years in holiday rebound

Wall Street notches best day in 10 years in holiday rebound

Social media exploded after Monday's crash.

In a sign some consumers are getting nervous about the economy amid volatile stock markets and the partial shutdown of the US government, the Conference Board's consumer confidence index dropped to a five-month low in December and came in weaker than even the lowest economists' estimate in a Reuters poll.

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 S&P 500 is up 41 points or 1.7 percent to 2,391 at midday.

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Each index's percentage gain was the best since 2009, the year the longest bull market on record began. The S&P 500 and the Nasdaq Composite each dropped 1.7%. Amazon climbed 4.2 percent to $1,400, while Macy's gained 3.3 percent to $29.08. The index of 500 large companies traded 1.3 percent higher at 2,381.

The unorthodox remarks come on top of the partial shutdown of the United States government, which shows no sign of ending anytime soon.

Peter Cardillo, chief market economist at Spartan Capital Securities in NY, told Reuters that he expected markets to continue to rally as investors looked for bargains.

On Thursday, some of the market's big winners the prior day lost ground. Advanced Micro Devices lost 6 percent to $16.83.

Wall Street notches best day in 10 years in holiday rebound

The NASDAQ, however, which is already in bear territory - or down 20 percent off the year's high - failed to rally.

The Dow's 30 blue chips are close behind, down 4,034 points in December - about 13.63 percent - and almost 5,000 points off its September high.

He expects global stock markets to return 4.5 percent to 6.5 percent annually over the next 10 years, in dollar terms, versus the 12.6 percent they had provided annually since the market's bottom following the 2008 financial crisis. Energy companies fell along with the price of oil. Noble Energy slid 5.1 percent to $18.10.

The offshore yuan was little changed after China released new rules promising to treat all companies equally, the latest positive step on the trade and investment front since further US and Chinese tariff hikes were paused. Energy producers surged as crude oil powered past US$46 a barrel, an increase of nearly 10 per cent. The euro rose to $1.1397 from $1.1353. Futures for the broad S&P futures were down 1 per cent at 2,447.25.

Other U.S. indexes fell too.

NY stocks had hurtled higher in post-Christmas trade yesterday, following strong data and White House reassurances that Powell would remain in his post. The FTSE was down 1.6% and Germany's DAX fell 2.7%.

ASIA'S DAY: Japan's Nikkei 225 index rebounded 3.9 per cent to 20,077.62. The S&P 500 index soared about 5 percent.

A lack of news and light trading that traditionally accompany the holiday season also combined with cheaper prices due to a turbulent month of trading to encourage investors to buy more stocks.

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