Stock Boom Day After Christmas

Trump mulling firing Treasury Secretary Mnuchin

The stock was giving the biggest boost to the S&P and Nasdaq and led the consumer discretionary index.SPLRCD up 1.49 percent.

The president on Christmas Day cast fresh doubt on the record of Powell, whom he has increasingly blamed for the market weakness.

Other U.S. indexes fell too.

United States 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.

While no longer in bear market territory, it is still the worst December for USA markets since the height of the Great Depression in 1931.

After some wobbly early trading, the S&P 500 was up around 2.8 percent in afternoon trading - the broad-market index's largest single-day climb in more than three years, according to Bloomberg News.

Kevin Hassett, the chairman of the Council of Economic Advisers, told reporters Wednesday that Federal Reserve Chairman Jerome Powell's job is "100%" safe, despite Trump's vocal complaints about the central bank's decision to raise interest rates - including in comments to reporters on Christmas Day.

The markets have been dealing with concerns of a slowing global economy, the trade dispute with China and last week's interest rate increase - the fourth by the Federal Reserve this year.

Stay up-to-date with the latest news, stories and insider events. Please check your email for a welcome confirmation.

Guatemalan boy, 8, becomes second child to die in USA border custody
The father and son were not identified, and the agency said it would release more details "as available and appropriate". She died after being detained along with her father by U.S. border agents in a remote part of New Mexico.

Weather forecast: Met Office issues Christmas Day weather warning
With the warm-up through, we will be tracking rain showers, that could start off as snow showers northwest early Friday morning. After two days of "quiet weather", Wednesday will bring more snow to the Cascades, which received a lot this past weekend.

Thousands evacuated after 'loud crack' in Sydney tower
More than 3,000 people in nearby buildings were also instructed to leave, including 55 children. Residents from the Opal Tower and nearby properties are not being allowed back to their homes.

That sell-off prompted US Treasury Secretary Steven Mnuchin to try to assure investors.

"But what's bad is this made the papers, and says the government is very anxious", Krosby told the paper, adding that with investors focused on so many issues, "it's nearly as if gravity is pulling this market toward a lower level before it bottoms out". "The only problem our economy has is the Fed", he said on Twitter on Monday.

"They don't have a feel for the market, they don't understand necessary trade wars or strong dollars or even Democrat shutdowns over borders".

"Having said that", Hooper said, "the Fed should be more flexible regarding balance sheet normalization, given how powerful a tool it is".

The Fed is an independent agency.

Peter Conti-Brown, a financial historian at the Wharton School of the University of Pennsylvania, told The Associated Press: "We've never seen anything like this full-blown and full-frontal assault".

Some of the President's aides believe a face-to-face meeting could help ease tensions and allow the two men to discuss the underlying economy. The Wall Street Journal first reported the discussions about the meeting.

Markets in Europe, Hong Kong, Australia and South Korea were closed for Christmas. That's down from a 5.5 percent yearly gain in the previous month. The Nasdaq was up more than 5 percent and the S&P posted a almost 5 percent percent pop by closing.

The Treasury secretary left Washington for a Christmas holiday in Mexico's Cabo San Lucas as the federal government shut down over the weekend, while Trump canceled his own planned trip to his Mar-a-Lago resort in Florida and remained cooped up in the White House over the holiday, absorbing a flood of negative news about the markets. Benchmarks in Thailand and Taiwan also declined.

Related news:

Hot News

isis-killer-beheading-video-story-top Oil ascends to $51 after soak slide; development fears gauge
Dec 27, 2018 - 01:15
Elsewhere, U.S. political turmoil triggered by the partial shutdown of the federal government is also adding to market concerns. Meanwhile, WTI crude oil futures rose 7.1% to $45.5 per barrel and Brent crude was up 6.5% to $53.7 per barrel on Wednesday.

isis-killer-beheading-video-story-top Japan says it will resume commercial whaling, leave worldwide commission
Dec 27, 2018 - 00:51
Whale consumption accounted for 0.1 percent of all Japanese meat consumption, according to the Asahi newspaper. She added: "This is the path of a pirate whaling nation, with a troubling disregard for worldwide rule".

isis-killer-beheading-video-story-top Ole Gunnar Solskjaer sets club record with Huddersfield win
Dec 27, 2018 - 00:51
However, Martial will miss today's game after picking up a bug over the last few days. Solskjaer admitted it was a stunning piece of play from the Spain worldwide .

isis-killer-beheading-video-story-top Christmas Day opening hours: Is McDonald's open on Christmas Day 2018?
Dec 26, 2018 - 07:40
The Buffalo Wild Wings chain is not only open, but wants to give you the space to hold your own holiday party this Christmas . In a real bind, small convenience stores including Wawa, 7-Eleven and Cumberland Farms will also be open on Christmas day .

isis-killer-beheading-video-story-top Turkey says Kurdish forces in Syria must be driven out
Dec 26, 2018 - 07:40
Erdogan said last week a military operation against Kurds east of the Euphrates will take place within months. She noted how USA allies are " criticizing us publicly" and how Erdogan is "taking a victory lap".

isis-killer-beheading-video-story-top Cloudy with chance of showers for Christmas Eve
Dec 26, 2018 - 07:38
The storm could drop as much as 9 inches of snow, but those areas are primarily south of the Bemidji area, the forecast said. Christmas Eve's weather will be mainly dry with frost and fog clearing slowly and some bright spells developing.

isis-killer-beheading-video-story-top US regulators tell Mnuchin nothing out of ordinary in markets
Dec 26, 2018 - 07:37
Secretary Mnuchin is being called an "idiot" and "clueless" by award-winning winning economist Paul Krugman. In late morning trade in NY , the Dow was down 1.81 per cent and the S&P 500 was off by 1.55 per cent.

isis-killer-beheading-video-story-top India all-rounder Jadeja declared fit for third test
Dec 26, 2018 - 07:29
For that to happen, India must admit they made serious mistakes when it came to team selection and player fitness management. All-rounder Hardik Pandya, uncapped opener Mayank Agarwal and batsman Rohit Sharma are all options for India to consider.

isis-killer-beheading-video-story-top Food and Liquor Stores Open Christmas Eve and Christmas Day 2018
Dec 25, 2018 - 02:11
On Christmas Day , GO will run on a Sunday schedule, and on Boxing Day it will run on a Saturday schedule. There are virtually no times throughout the year that you can't count on Walmart to be open.

isis-killer-beheading-video-story-top Weekend Weather: Winter storm generates strong winds, rain across Island
Dec 25, 2018 - 02:01
Officials estimate about a section of the pier about 30 metres long collapsed, and that it could take months before it's fixed. That included a house at 15th Avenue and Yukon Street in Vancouver, where a large tree snapped and fell down onto the roof.

isis-killer-beheading-video-story-top Trump Says Democrats Started Opposing Border Wall Only After He Campaigned It
Dec 25, 2018 - 01:06
But when an interviewer asked whether Democrats weren't going to provide any wall money, Merkley responded: "That's correct". The whole thing is juvenile", Corker said, arguing for measures that he said would secure the border better than a wall.

isis-killer-beheading-video-story-top NORAD Santa Tracker still running despite shutdown
Dec 25, 2018 - 00:46
Thanks to this year's Santa Tracker apps from Google and NORAD, you can see when he will be near your home. She said he was annoyed at first, but then the child began to cry before Shoup tried to cheer the boy up.

isis-killer-beheading-video-story-top Former Utd keeper Schmeichel considering director of football role
Dec 25, 2018 - 00:45
The Terriers have only scored 11 goals this season, the lowest of any club in the top four divisions in England. You want to go and play and win because it means so much to him".

isis-killer-beheading-video-story-top Turkey leader promised he'll 'eradicate' ISIS in Syria
Dec 25, 2018 - 00:37
Trump has long bemoaned the amount of money the USA spends overseas and complained that other countries don't pay their share. Defence officials have cautioned against a timeline, but the withdrawal could begin in weeks.

isis-killer-beheading-video-story-top Cuban deal with Major League Baseball allows players to sign without defecting
Dec 24, 2018 - 03:21
Cubans need no longer jeopardize their lives to chase their dreams, said MLB Players Association executive director Tony Clark. For those 25 and over, who are considered professionals, the fee would be on a sliding scale between 15 and 20 percent.