USA stocks rose modestly on Wednesday, boosted by technology shares and an Amazon-led jump in retailers, helping pull the S&P 500 from the brink of bear market territory following punishing few sessions.
us stocks soared on Wednesday, with the Dow surging more than 1,000 points, as investors tried to regain some of the steep losses suffered in the previous trading sessions. The stock was giving the biggest boost to the S&P and Nasdaq and led the consumer discretionary index up 2.93 per cent. It is the largest single-day point gain in the history of the Dow.
In other trading Wednesday, South Korea's Kospi gave up 1.3 percent, while Japan's Nikkei 225 index, which plunged 5 percent on Tuesday, picked up 0.9 percent.
The technology sector.SPLRCT, whose 9.2 percent slump in the past four sessions was the steepest among the 11 major S&P sectors, rose 1.15 percent.
In the USA, S&P 500, Dow and Nasdaq futures are all pointing to a drop of more than 1.5%. Thursday would make eight out of nine.
Stocks are wavering between small gains and losses in midday trading Friday as the market continues to churn amid the volatile trading that has gripped the market throughout December. Credit card company Visa climbed 7 percent, and Mastercard was up 6.7 percent.
MARKETS OVERSEAS: Markets in Europe, Hong Kong and Australia were closed.
The Russell 2000 is up 37.72 points, or 2.9 percent.
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Even as some people on Main Street may have been heading out to the mall to burn off some of that holiday roast, consumer discretionary stocks were the biggest gainers on Wall Street.
ENERGY: Benchmark U.S. crude jumped $1.02 to $45.63 per barrel in electronic trading on the New York Mercantile Exchange. Bank of America, JPMorgan and Goldman Sachs slipped more than 1 percent as the yield on the the 10-year Treasury fell to 2.76 percent from 2.79 percent.
But investors weighed that against a dour housing report from S&P/Case-Shiller, which showed the growth in home prices was at a two-year low.
CURRENCIES: The dollar strengthened to 110.57 yen from 110.41 yen on Monday.
Advancing issues outnumbered decliners by a 1.70-to-1 ratio on the NYSE and a 1.89-to-1 ratio on the Nasdaq.
The S&P broke a four-session streak of declines and despite Wednesday's surge, it remained on track for its biggest monthly percentage drop since 2009. Britain's FTSE 100 fell 1.5 percent. A late report that a USA government delegation will travel to Beijing in two weeks to hold trade talks gave stocks a final push higher. Korean shares tumbled after a holiday, and Shanghai stocks fell for a second day.
Markets have been marked by turbulence in recent weeks as the US government shutdown, higher USA interest rates and the U.S.
A partial government shutdown, Treasury Secretary Steven Mnuchin's questions about banks' health and signals that President Donald Trump could fire Federal Reserve Chairman Jerome Powell upset markets on Monday, sending the Dow down 653 points.