The Media Looks Absurd Once Again After Stock Market Makes History

The Dow Jones closed 1,000 points higher than on Christmas Eve.

It made up everything it lost and gained more.

It was the greatest single-day gain in history, The Daily Mail reported.

The Dow Jones Industrial Average has soared more than 1,000 points for the index’s largest one-day point increase in history, a stunning rally after markets took their worst-ever Christmas Eve plunge.

The Dow Jones Industrial Average soared 1,086.25 points, or 4.98 per cent, on Wednesday to close at 22,878.45, while the S&P 500 tacked on 111.11, or 4.73 per cent.

The tech-heavy Nasdaq gained 25.95 points, or 0.40 per cent.

Gains in technology companies, retailers, health care and internet stocks drove the broad rally. Energy stocks also rebounded as the price of U.S. crude oil notched its biggest one-day gain in more than two years.

Following months of some of the most volatile market moves in history, analysts said the surge in stock prices was a natural rebound after Monday’s crushing declines.

‘Today simply can only be really chalked up to a reflex rally after having been oversold,’ said Sam Stovall, chief investment strategist for CFRA. ‘The real question is do we have follow-through for the rest of this week.’

Wednesday’s gains pulled the S&P 500 back from the brink of a bear market, where it finished after a shortened trading session Monday. The turn to a bear market would mark the end to the longest bull market for stocks in modern history after nearly 10 years.

Stocks fell sharply Monday after President Donald Trump lashed out at the Federal Reserve for guiding interest rates higher, writing in a tweet that the central bank is ‘like a powerful golfer who can’t score because he has no touch – he can’t putt!’

Administration officials had spent the weekend trying to assure financial markets that Fed chairman Jerome Powell’s job was safe. On Tuesday, Trump reiterated his view that the Federal Reserve is raising interest rates too fast, but called the independent agency’s rate hikes a ‘form of safety’ for an economy doing well.

On Wednesday, Trump’s Twitter feed fell silent as he made his way to Iraq for a surprise visit. He did not tweet until 25 minutes before the market closed, to share a video of himself greeting troops at at Al Asad Air Base in Iraq.

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