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27-Dec2018

US markets end higher as they roar back from brink of bear territory

The US markets ended higher on Wednesday, with the Dow logging its first-ever 1,000-point, single-day point increases ever, as traders picked up stocks at reduced levels on the heels of recent weakness. On a percentage basis, all three major indexes saw the strongest one-day gains since March 23, 2009. It also marked the best ever day-after-Christmas performance for the gauges. Further support also came in as the White House denied a CNN report that Treasury Secretary Steven Mnuchin's job was in serious jeopardy after a failed attempt to calm markets. White House economic adviser Kevin Hassett said that he was confident that President Donald Trump was happy with Mnuchin. Hassett also said Federal Reserve Chairman Jerome Powell's job was 100% safe.

However, a lack of major US economic data kept traders on the sidelines, although reports on new home sales, consumer confidence, and pending home sales may attract attention in the coming days. Meanwhile, the partial government continues, with Trump stating the government will not reopen until Democrats agree to fund his controversial border wall. Besides, Equities closed early in an abbreviated session Monday and were closed Tuesday for Christmas Day.

Dow Jones Industrial Average surged 1086.25 points or 4.98 percent to 22878.45, Nasdaq gained 361.44 points or 5.84 percent to 6554.35 and S&P 500 was up by 116.60 points or 4.96 percent to 2467.70.


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