Stocks rebound after pre-holiday thumping

U.S. Stocks

The Dow Jones Industrial Average and the S&P 500 are now on track for their worst December performances since the Great Depression. Indeed, the Dow soared more than 1,000 points late Wednesday - it's biggest one-day point spike ever.

The Dow marked its biggest point gain in history.

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 Toronto Stock Exchange's S&P/TSX composite index was up 248.36 points, or 1.8 per cent, at 14,028.55.

December is typically a buoyant month for stocks.

Even with Wednesday's recovery, USA stock markets are still on pace for their worst December since 1931, CNN reported, citing S&P Global Indices.

The Dow Jones Industrial Average dropped 434 points on Monday, falling more than 2 percent. He said traditionally, portfolio managers take care of tax-loss selling early in the month, only to window-dress and make their portfolios look good for the new year. Texas Instruments dropped 1.3 percent to $91.74.

The S&P 500 index fell 69 points, or 2.8 percent, to 2,398 as of 2:15 p.m. It was also the first time the S&P fell by more than 1 percent on Christmas Eve. Among big retailers, Amazon rose 9.4 percent, Kohl's 10.3 percent and Nordstrom 5.8 percent.

The tech-heavy Nasdaq lost 141 points, or 2.2 percent, to 6,411. The Russell 2000 index of smaller-company stocks picked up 62.89 points, or 5 percent, at 1,329.81.

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Treasury Secretary Steven Mnuchin held calls on Sunday with the heads of the six largest US banks in order to reassure nervous investors that the financial markets and economy were functioning properly.

"The market was pressured by worries over Washington, the Fed and the threat of the trade war sparking a global recession", said Sam Stovall, chief investment strategist at CFRA Research. Technology companies and retailers drove much of the market's rally. Advanced Micro Devices lost 7.5 percent to $16.55.

The NASDAQ, however, which is already in bear territory - or down 20 percent off the year's high - failed to rally.

The concerns over a faltering global economy and signs of a crude oil glut pressured oil prices, sending Brent futures 1.7 per cent lower to $53.5 a barrel and partly reversing Wednesday's 8 percent jump.

The decline in oil prices weighed on energy stocks. Noble Energy slid 5.1 percent to $18.10. Brent crude, used to price worldwide oils, gained 7.9 per cent to $54.47 a barrel in London.

CURRENCIES: The dollar strengthened to 110.57 yen from 110.41 yen on Monday. The euro strengthened to $1.1444 from $1.1351. Copper gained 1.5 percent to $2.70 a pound.

Other U.S. indexes fell too.

In European markets, where trading resumed after a Christmas holiday break, the German DAX slid 2.1 percent, while France's CAC 40 gave up 0.3 percent.

Japan's Nikkei index rose 4% as it opened on Thursday.

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