U.S. stocks lose momentum a day after Dow's record gain

"Santa Is Back: Dow Jones Posts Biggest Single Day Point Gain In Its History

The Dow Jones Industrial Average rose by more than 1,080 points, or about 5 percent, its single biggest daily point gain ever.

The Dow Jones Industrial Average rose 54 points to 23,193, while the S&P 500 gained 4 points to 2,493. The Nasdaq Composite Index advanced 361.44 points, or 5.84 percent, to 6,554.36.

"There's a lot of uncertainty, and that's one of the biggest things that the market doesn't like", Andrew Sullivan, a Hong Kong-based market economist, told CNN.

"Today the market's message is that we have nothing to fear but fear itself", said Ed Yardeni, president of Yardeni Research. It's looking for a reason to gain a little more confidence. Retailers entered the holidays with momentum as online sales jumped 26.4% from a year earlier between the Wednesday before Thanksgiving through Black Friday, one sign of an early buying surge, according to Adobe Analytics. Kohl's gained 8.3 percent to $64.75.

A sharp decline in oil prices weighed on energy stocks. Mnuchin created worry last weekend when he phoned the chief executives of USA banks regarding the economy.

The plunge in stocks on Monday stateside came after Mnuchin held calls with CEOs of major USA banks last weekend and issued a statement saying, "The banks all confirmed ample liquidity is available for lending to consumer and business markets".

Bonds prices rose. The yield on the 10-year Treasury slipped to 2.78 percent from 2.79 percent late Wednesday, although the yield dropped as low as 2.73 percent when stocks were near their lowest levels as investors sought safer investments.

Declining issues outnumbered advancers for a 5.52-to-1 ratio on the NYSE and for a 3.13-to-1 ratio on the Nasdaq. Wall Street traditionally considers a drop of 20 percent or more from recent highs to be a bear market.

The upbeat news from the retail sector shows that the consumer, which accounts for a huge chunk of the USA economy, is healthy and optimistic enough to get out and spend-or stay at the keyboard and spend-despite the volatility that the stock market has seen in November and December.

The S&P CoreLogic Case-Shiller 20-city home price index rose 5 percent from a year earlier, down from an annual gain of 5.2 percent in September. After the shortened trading had been completed on Christmas eve, with a considerable decline of nearly three per cent, showed the rate table is now at the Sounding of the closing bell, a substantial increase of 4.98% to 22 878,45 points. The best performers in the DJIA were Nike Inc that gained 7.21%, Apple inc that added 7.04% and Visa Inc, adding 6.98%. Brent crude, used to price worldwide oils, gained 0.6 percent to $51.10 a barrel in London.

The dollar fell to 110.69 yen from 111.36 yen on Wednesday. The euro weakened to $1.1387 from $1.1404. Britain's FTSE 100 fell 1.5 percent.

Wednesday's gains pulled the S&P 500 back somewhat from the brink of a bear market, where it finished after a shortened trading session Monday. It fell $1.97 the previous session to $52.73. The Nasdaq is already in bear market, along with the Dow Jones Transport Average.DJT and small-cap Russell 2000 index.

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