Stock Surge Erases Christmas Eve Plunge

"Reflex rally" marks the Dow's biggest one-day point gain ever
By Newser Editors and Wire Services
Posted Dec 26, 2018 3:27 PM CST
Stock Surge Erases Christmas Eve Plunge
Traders high five before the closing bell on the floor of the New York Stock Exchange on Wednesday.   (AP Photo/Richard Drew)

Stocks surged on Wall Street on Wednesday, with the Dow Jones Industrial Average vaulting more than 1,000 points, the AP reports, its biggest one-day point-gain ever. Investors recouped all their losses from Wall Street's Christmas Eve plunge as stocks rallied across all sectors, giving markets their best single-day percentage gain in 10 years. The Dow Jones gained 5% or 1,086 points to 22,878. The benchmark S&P 500 gained 5% or 116 points to 2,467. Nasdaq rose 5.8% or 361 points to 6,554. Energy stocks gained the most as oil prices notched their biggest gain in more than two years. Economists called the big market moves a "reflex rally" after Monday's drop, which left Wall Street on track for its worst December since the Great Depression. (Read more stock market stories.)

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