July 4, 2020, 5:02

‘Christmas Miracle’: US Stock Market Experiences Record Rally a Day After Fall

‘Christmas Miracle’: US Stock Market Experiences Record Rally a Day After Fall

US stocks enjoyed the greatest single-day increase in their history a day after Christmas, only two days after suffering their worst single-day decline, the Dow Jones Industrial Average and other indices revealed.

The Dow gained 1,086.25 points on the day’s trading — a rise of 4.98 percent — to close at 23,878.45 on Wednesday.

The Standard & Poor’s 500 Index rose 116.60 points to 2,467.70, recording a gain of 4.96 percent for the day.

The NASDAQ index, led by high tech companies, rose 361.44 points to close at 6,554.36, a gain of 5.84 percent for the day.

READ MORE: Panic Grips the Markets and the Trump Administration

Earlier losses saw the S&P enter a bear market on Monday, ending a 10-year run as a bull market. But Wednesday’s stock jump pulled the S & P out of bear territory, at least temporarily. The investors had already called it a Christmas miracle.

Concerns about the economic growth outlook, the US-China trade dispute and rising interest rates have dogged stocks since the end of summer, and the major indices are still down more than 10 percent this month alone, with three more trading days left in the year. Traders and investors, cited by Reuters, said that technical market factors also contributed to the rally. According to some technical indicators, the S&P was at its most oversold level in years following Monday’s sell-off.

Social media exploded after Monday’s crash. Some users expressed hope, noting that accusations which placed the blame on the Trump administration over the markets’ decline were premature.

Others, however, remained concerned, suggesting that the unexpected surge could be a sign of more trouble to come as markets remain unstable.

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