Dow closes 1,000 points higher, rallies in energy shares and retail led the profits. Stocks of the Dow Jones Industrial Average marked its biggest single-day point gain in nearly a decade on Wednesday.
The Dow’s profits that closed at 22,878.45, with 1,086.25 points higher or 4.98 percent shows the largest move since March 23, 2009, when it jumped 5.8 percentage points.
The Nasdaq Composite surged 5.84 percent to 6,554.36, showing its best day since March 23, 2009. The S&P 500 rose 4.96 percent to 2,467.70, a major boost by energy, consumer discretionary, and tech sectors that rose more than 6 percent.
“We still have a ways to go. We need to have three days of moving higher into the close to stem this wave of selling,” John Augustine, chief investment officer at Huntington Private Bank said.
On Wednesday, Stocks of Wayfair, Dollar General and Kohl’s all jumped more than 7 percent, as well as SPDR S&P Retail ETF (XRT), climbed 4.7 percent. Shares of Amazon also surged 9.45 percent as the company reported high sale this holiday season. Data posted by Mastercard SpendingPulse revealed that Retailers were among the best performers in six years.
In addition, Hess Corporation and Marathon Oil also performed at their best, raising 11 percent and 11.9 percent, respectively. U.S. crude oil prices jumped more than 8 percent.
The chief market economist said Peter Cardillo, at Spartan Capital Securities, said: “With the end of the quarter, we could get a bounce in the next few days.” “But the problem is President Donald Trump continues to create a lot of uncertainty. We can’t focus on the fact there are a lot of good bargains out there.”