While we’re still concerned that Federal Reserve Chairman Jerome Powell’s rate hikes are having a hugely detrimental effect on U.S. markets, the Dow Jones Industrial Average regained some much-needed confidence a day after Christmas.
The index surged 1,080 points on Wednesday, gaining 5 percent and breaking another record of more than 1,000 points in a single day, another Trump-era feat.
Meanwhile, the S&P gained more than 100 points, or some 5 percent, as the tech-heavy Nasdaq Composite rose as well by about 360 points or nearly six percent,Â Fox Business reported.
The Dow wasn’t the only index to break a single-day record; all three major exchanges did so as gains on the retail and tech sectors ignited the rally.
The massive one-day performance helped offset losses during the worst December since 1931 and also reversed major losses on Monday when stocks posted their worst Christmas Eve in the history of the markets.
The energy sector also rose on Wednesday as crude oil prices surged more than nine percent following weeks of declines that saw retail gas prices fall below $1.85 per gallon in some parts of the country.
Not all is well, however.
Home price growth slowed in October, according to economic data released Wednesday.Â CNBC reported in October that home prices dropped 5.5 percent the previous month to a near-two-year low.
As for Powell, his job was declared safe on Wednesday by POTUS Donald Trump’s economic advisor Kevin Hassett, as is Treasury Secretary Steve Mnuchin’s position, and those declarations were said to have also had a positive effect on the markets.
Some other fantastic economic news reported today:
— Extremely low gas prices led to record amounts of travel over the Christmas holiday; and
— The overall Trump economy has made retail sales great again — the best in years, in fact.
Never miss a story! Sign up for our daily email newsletter â€”Â Click here!