Dow Jones index surges over 1,000 points in post-Christmas rally
by Joe Williams
| December 26, 2018 04:23 PM
The three major U.S. stock indexes rebounded on Wednesday after plummeting earlier in the week, a sign turmoil may be subsiding on Wall Street after the Federal Reserve's latest interest rate increase.
The Dow Jones Industrial Average jumped over 1,000 points to 22,878, the tech-heavy Nasdaq was up 361 points at 6,554, and the broader S&P 500 increased 116 points.
While President Trump has publicly fumed over the Federal Reserve hiking interest rates for the fourth time this year, top economic adviser Kevin Hassett on Wednesday said central bank Chairman Jerome Powell would remain in his job.
The White House has sought to tamp down investor concerns heading into 2019, and even though volatility in the markets continues, there are signs the U.S. economy remains strong.
Retailers had one of their best holiday shopping seasons in the past six years, according to a new study, and top retailers surged after the news. Walmart rose 5.4 percent to $90.41, while Amazon gained nearly 10 percent to $1,470.90, and Target rose 5.8 percent to $65.11.
Still, concerns over the ongoing shutdown of some government operations could weigh on the markets in the future. The House of Representatives is not expected to vote on any spending measure on Thursday — six days since funding lapsed — as Trump continues to demand money for a wall on the U.S.-Mexico border. Democratic leaders have vowed to block any spending legislation that includes such funding.
https://www.washingtonexaminer.com/business/dow-jones-index-surges-over-1-000-points-in-post-christmas-rally
