Dow Jones surges 1,100 points, Wall Street rebounds from worst-ever Christmas

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During the pre-holiday shortened session on Monday, Dec. 24, the Dow Jones Industrial Average gave away more than 650 points as investors grappled with news that Trump held a private discussion about the possibility of ousting Mr. Powell. Online shopping saw growth of more than 19% compared with 2017, according to Mastercard. President Donald Trump renewed his attack on the Federal Reserve on Christmas, blaming it for the market slump.

Home Depot (NYSE:HD) led the blue chips higher, rallying 4.1% to $164.60 on positive retail sentiment.

Advancing issues outnumbered decliners by a 1.70-to-1 ratio on the NYSE and a 1.89-to-1 ratio on the Nasdaq.

In that time, the S&P 500 quadrupled, the Dow Jones Industrial Average did nearly as well, and the tech-laden Nasdaq index climbed 500 per cent, before starting their current declines.

Asked on Boxing Day if Fed chairman Jerome Powell's job was safe, economic advisor Kevin Hassett said to reporters: "Yes, of course, 100 per cent". So I think it's a tremendous opportunity to buy.

The S&P 500 index rose 12 points, or 0.6 percent, to 2,363 as of 11:16 a.m. Amazon climbed 6.9 per cent to $1,436.09.

"This shows the US consumer remaining resilient despite market headlines", Mona Mahajan, US investment strategist at Allianz Global Investors, told The Post.

He also dismissed questions about whether the partial shutdown will affect the economy or if it has played a role in market volatility.

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While President Trump's displeasure with Powell has intensified in recent days, Fed watchers and investors know that it goes back several months.

The past two trading days, however, have been dominated by something else: major losses following tweets from the president criticizing Fed Chairman Jerome Powell and the central bank. Oil's best rally since 2016 added to the equity surge.

The partial US government shutdown that started Saturday is unlikely to hurt the economy much, although it may deprive the financial markets of data about worldwide trade and gross domestic product. The tech-heavy Nasdaq gained 215 points, or 3.5 per cent, to 6,408. The Russell 2000 small-cap index increased 0.9% to 1,278.

Markets rebounded sharply Wednesday from a disastrous Christmas Eve. Markets in the United Kingdom and Canada were closed for Boxing Day.

T jumped 3.14 percent, led by Amazon, after a Mastercard report showed USA holiday sales were the strongest in six years.

Overhanging the market is a trade war with China, which helped ignite the market rout. While U.S. stocks are still headed for their first annual loss in almost a decade, Wednesday's trading has brought early glints of relief as a new year approached.

U.S. stock futures pointed higher Wednesday as the American government remained partially shut down and President Donald Trump kept up his criticism of the Federal Reserve, saying it was raising interest rates too quickly. "The concerns are government shutdown, the economy, the President - what time is he going to tweet out about Federal Reserve", said Larry Benedict, founder of the Opportunistic Trader in Boca Raton, Florida.

The US markets reopen after the Christmas day holiday.