NEW YORK (UPI) — The Dow Jones Industrial Average soared more than 1,000 points Wednesday for its largest-ever single-day point increase, as stocks rebounded from a historically poor Christmas Eve.
The Dow Jones was up 1,086.25 points, or 4.98 percent, at the end of trading, while the S&P 500 rose 4.96 percent and the Nasdaq Composite increased 0.40 percent.
Retailers helped lead the charge Wednesday, as shares of Wayfair, Kohl’s and Dollar General all rose at more than 7 percent, CNBC reported. Data released by Mastercard and Amazon also showed strong holiday sales for retailers.
Energy stocks were also up, as U.S. crude oil prices rose more than 8 percent and shares of Marathon Oil and Hess both increased by about 11 percent.
A lack of news and light trading that traditionally accompany the holiday season also combined with cheaper prices due to a turbulent month of trading to encourage investors to buy more stocks.
“Investors went bargain shopping the day after Christmas, where stocks just got too cheap relative to earnings, future earnings, any reasonable assessment of earnings,” Chris Rupkey, managing director of MUFG told CNN. “The coast is clear, back up the truck, investors are saying enough already, the world is not ending.”
Despite Wednesday’s gain, the market remained on track for its worst December since 1931, after several days of losses capped off by the worst Christmas Eve day of trading on Monday.
Reporting by Daniel Uria
United Press International is an international news agency whose newswires, photo, news film, and audio services provided news material to thousands of newspapers, magazines and radio and television stations for most of the 20th century.
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