Mother of All Sucker Rallies Sends Dow 1,000 Points Higher

Dec 28, 2018, 00:29
Mother of All Sucker Rallies Sends Dow 1,000 Points Higher

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.

According to CNBC, "retailers were among the best performers on Wednesday..."

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.

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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.

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Paul is a terrific lad and when I had him as a kid, he was always there. "I don't think the recruitment's been great and I do think the players get away with murder, in the way they hide behind the manager".

"The only problem our economy has is the Fed".

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.

Sen. Amy Klobuchar Calls Texas Affordable Care Act Ruling ‘Absurd’
As of December 8, 4.1 million people had chosen plans through the federal-government run portal that 39 states use for enrollment. In the prior year, the total enrolled was 12.2 million. "The latter sawed off the last leg it stood on".

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