Wall Street stocks surge with Dow Jones setting one-day record
The ‘reflex rally’ follows a plunge on Christmas Eve.
Stocks have surged on Wall Street, with the Dow Jones Industrial Average vaulting more than 1,000 points, 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 on Wednesday.
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.