Dow Jones opens higher after brutal Christmas Eve trading session

27 December, 2018, 17:32 | Author: Mary Valdez
  • Traders work on the floor of the New York Stock Exchange

It said US shoppers spent more than $850 billion this year, both online and offline. -China trade talks. Even with the previous session's surge, it's still a awful month for American stocks, with the S&P 500 down nearly 11 per cent.

"The market is extremely oversold where we left it" on Monday, said Brett Ewing, chief market strategist at First Franklin Financial Services in Tallahassee, Florida.

Retailers were especially strong, with Amazon soaring 9.5 per cent after declaring that its notched new records in holiday sales, fuelled by "tens of millions" of new subscriptions or free trials of its Prime service.

The stock market was only open for half a day Monday, and that was more than enough time for the Dow Jones Industrial Average to drop 2.9 percent to 21,792.20.

Oil prices also surged, boosting sentiment for risk assets such as stocks, while underpinning a 6.2 percent gain for energy shares .SPNY .

The Dow Jones rose nearly 5 per cent, or 1086.25 points, to 22,878.45, erasing losses from the Christmas Eve slump.

The S&P 500 dropped 2.7 percent, bringing it down 20.6 percent for the year and just into what Wall Street considers a bear market.

A few things might have shaken the bears' grip.

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A partial government shutdown, worries that President Trump may fire Federal Reserve chairman Jerome Powell and confusing remarks from Treasury secretary Steve Mnuchin about USA banks sent shares plunging on Monday. Trump made unusually direct comments on the stock market yesterday, saying shares were presenting "a tremendous opportunity to buy".

People walk on Wall Street in front of the New York Stock Exchange (NYSE) in New York February 6, 2018.

For some investors, it was simply a case of a market getting ahead of itself when everything from hiring to earnings to the economy are still rising. Historically, the last two weeks of the year and the first week of January are usually bullish times in the market, said Craig Kirsner, investment adviser at Stuart Estate Planning Wealth Advisors. The Nasdaq is already in a bear market.

Some of what Wall Street sees coming out of the White House has added to the market's uncertainty, specifically the president's attacks on the Fed and remarks about the ongoing trade conflict with China. Meanwhile, the S&P 500 has suffered its worst December on record. From the collapse of Lehman to the financial crisis bottom in March 2009, the S&P 500 rallied more than 4 percent on 13 different occasions.

Still, a bull can hope.

"I have great confidence in our companies", he told reporters on Tuesday, according to a Reuters report. And some optimists are forecasting a big bounce-back year for USA stocks, which they say no longer look expensive relative to corporate earnings.

However, Chinese stocks were lower with the Shanghai Composite index falling 0.6 percent, marking its lowest close since November 2014, while the blue-chip CSI300 was down 0.4 percent. The Dow sank more than 2 percent, then recovered almost all of the day's losses, before again falling more than 2 percent.

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