New York (CNN Business)Markets staged a miraculous comeback Wednesday following stocks' worst-ever Christmas Eve. The Dow posted biggest daily point gain ever.
The Dow rose 1,086 points, gaining 5%. The S&P 500 soared 5%, and the Nasdaq was up about 5.2%, pulling out bear market territory.
The day marked the biggest percentage gain for all three indices since March 2009.
Stocks rose higher despite virtually no news -- which may have been a catalyst in its own right. President Donald Trump has not tweeted Wednesday. Shortly after 2 pm ET, the White House announced Trump and the first lady traveled to Iraq on Wednesday. Recently, Trump has unsettled markets by signaling the potential firing of Federal Reserve Chairman Jerome Powell and a trade war escalation.
Biggest point spike since 3/29/2009 ....
US stock markets soar after bailout plan
Monday, March 23, 2009
United States stock markets surged on Monday, following an announcement by the government to give another bailout to the banks. All three major stock indexes posted gains of about seven percent at the closing bell.
Part of the rally was attributed to the US Treasury's announcement that it will buy up to US$1 trillion in toxic assets.
The Dow Jones Industrial Average gained 497.48 points, or 6.84%, to a level of 7,775.86, while the Nasdaq Composite soared 98.50 points, or 6.76%, to 1,555.77 points. The Standard & Poor's 500 index jumped by 7.07% or 54.37 points, reaching a level of 822.91.
Among the winners in today's rally were bank stocks. Shares for the Frontier Financial Corporation, a regional bank serving the northwestern US, surged by 52%. Other banks also saw their shares increase: Bank of America stocks increased by 26%, JP Morgan Chase by 25%, and Citigroup by 19.5%.
Crude oil prices were up $1.73 or three percent to $53.8 a barrel.
Overseas stock exchanges also rallied: indexes in France, the United Kingdom, and Germany all rose by approximately 2.8%.
From and including: Monday, March 23, 2009
To, but not including Wednesday, December 26, 2018
Result: 3565 days
Or 9 years, 9 months, 3 days excluding the end date.
Or 117 months, 3 days excluding the end date.