Mother of All Sucker Rallies Sends Dow 1,000 Points Higher
Dec 28, 2018, 00:29
Stocks rocketed on Wednesday in Wall Street's best day in 10 years, snapping a stomach-churning, four-day losing streak and giving some post-Christmas hope to a market that has been battered this December.
Inc (AMZN.O) jumped 4.02 percent after reporting a "record-breaking" season. 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. The Nasdaq, which had suffered the most in recent weeks, closed 5.8 percent up.
This also pushed shares across Asia and in Australia.
Sales have been generally strong throughout the holiday season, led by increases in online shopping.
Data from Mastercard SpendingPulse showed USA holiday sales increased 5.1% this Christmas season to more than $850 billion, the biggest growth in the last six years. The yield on the 10-year Treasury note held steady at 2.75 percent.
As of Wednesday's close, all major USA stock indexes are down more than 5 percent for the year, with the Dow still down 7.5 percent in the closing days of 2018, despite its record post-Christmas pop.
The partial government shutdown that began over the weekend has weighed on the market. The stocks saw their worst December and worst Christmas on record. All 30 Dow members gained, with Nike and Apple rising more than 7 percent.
Still, the S&P 500 and the Dow managed to avoid bear markets, and have bought themselves some time to work through the recent damage.
TECH RALLY: Technology stocks accounted for much of Monday's early bounce.
"Yesterday was a blowout day for USA equity markets which triggered optimism that this could be a key reversal day but the upward momentum has not really followed through into Asia and Europe", said Lee Hardman, an analyst at MUFG in London. The Dow has dropped 1 percent or more in eight of the 17 trading sessions.
On Monday, Trump tweeted another critical volley about the central bank's policy, rattling markets over the possibility the White House might interfere with the traditionally independent Federal Reserve.
Trump has also reportedly been upset over the last week with his treasury secretary, Steven Mnuchin, who advised him to appoint Powell to the Fed job. I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute awful thing to do at this time, ...
"The wise course in this period is to pay close attention to current market signals-not merely lagging indicators like GDP and the jobless rate-and proceed with caution", the report warned.
Trump has since tried to walk back his criticism of the Fed, telling reporters at the White House on Tuesday that while the Fed was "raising interest rates too fast" he still had confidence in the Fed. "But this base case of "the world is coming to an end" just given the fundamental data out there doesn't make any sense". That ratio is below both the 5-year average of 16.4 and the 10-year average of 14.6. Some traders have suggested that the market has gotten to the point where a short-term bounce could occur, if only for technical reasons.
The current USA bull market - a run-up in stocks free without any declines of 20 per cent or more - began in March 9, 2009, and became the longest ever as of August 22.
The effect of the shutdown on the economy would be "smaller than usual", since Congress already passed bills for nearly 75 percent of discretionary spending, Goldman Sachs said in another report.
But Mulvaney, asked on ABC whether there was any chance the president might change his mind on Syria decision, said: "No". According to a senior administration official cited by the Washington Post , Mattis was informed of his dismissal by U.S.
Through state news agencies, Chinese officials claimed Western countries pulled the cyber-theft accusations " out of thin air ". The information stolen could give Chinese companies access to business secrets of competitors, offering an unfair advantage.
Faced with an extra-point for overtime, coach Anthony Lynn went for the win, and Williams was all alone in the end zone. They did both of those things in the first half, grabbing two interceptions and sacking Phillip Rivers four times.
But the bid failed, with strong opposition from anti-whaling nations - led by Australia, the European Union and the US. Japan switched to what it calls research whaling and says stocks have recovered enough to resume the commercial hunt .
The queen has really gone above and beyond and she's done that very simply to make Meghan feel welcome and to keep Harry happy". "We have had other celebrations too, including the 70th birthday of the Prince of Wales", she said.
Mr Modi's grandiose promises - especially to create more jobs and increase incomes of farmers - have begun to bite. The BJP's stridently majoritarian politics, critics say, has fanned hate and left the country deeply divided.
In Wadena County, the snow accumulation may range from 5-12 inches with wind gusts as high as 40 miles per hour . Gusts near 60 miles per hour have occurred in western Kansas and central Nebraska during Thursday morning.
One possibility was that the Senate might strip the border wall funds out of the package, pass it and send it back to the House. Most of the Internal Revenue Service (IRS) will be sent on unpaid leave, including those who assist taxpayers with queries.
Flynn wrote a foreword to Scopelliti's self-published book, "America First: The MAGA Manifesto", earlier this year. The agents also, according to Flynn's lawyers , did not advise Flynn that lying to the FBI is a federal offense.
First of all, the base model will be a Galaxy S10 with a flat 5.8-inch screen that will be simply called Samsung Galaxy S10 . That software was inspected by XDA Developers and the camera app for the Galaxy Note 9 included a new non-activated feature.
Cohen's sentence is a warning to anyone caught up in the Mueller probe who declines to cooperate with prosecutors. A recording surfaces of Cohen and Trump allegedly discussing a payment to Playboy Playmate Karen MacDougal.
Flight traffic increased four-fold as high profile guests arrived in chartered jets in India for the wedding of the year. One highlight was a Bollywood dance number that the bride's mother, Nita, performed with her two sons, Akash and Anant.
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Jennifer Cafarella, a Syria expert at the Institute for the Study of War, said the withdrawal is likely to create new problems. Defense Secretary Mattis never wavered on continuing the Obama administration's short-sighted "only ISIS" strategy in Syria.
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Butina also faces the possibility she will be deported after she serves any prison sentence the judge choses to impose. The court has not yet set a sentencing date, but set a status hearing for February 12, the Washington Post reported.
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Boris was shown on stage with co-hosts using dance moves so realistic that your dad would proudly use them at a wedding. Russian state television praised a "hi-tech robot" at a technology forum that is actually a man in a robot suit.
No. 2 House GOP leader says a shutdown would be 'stupid'
Several aides said they believed restlessness by younger members to move up in leadership would make that hard for her to achieve. She would be the first speaker to do so since Texas Democrat Sam Rayburn took the gavel back in 1955.
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He may also be able to line-item veto portions of them, depending on how they are drafted and whether they spend money. But before they are sworn, GOP legislators are hoping to enact laws limiting or affecting the Democrats' powers.