U.S. stock markets set records as they roar back from brink of bear territory

Wednesday - 26/12/2018 17:48
The major U.S. stock markets have been on a roller-coaster ride of late, and on Wednesday set their biggest single-day point increases ever after a few days of gloom. (Richard Drew/Associated Press)
The major U.S. stock markets have been on a roller-coaster ride of late, and on Wednesday set their biggest single-day point increases ever after a few days of gloom. (Richard Drew/Associated Press)
Comments by Trump, rising interest rates had threatened to end Wall Street's bull run

The major U.S. stock markets shot upward in record fashion Wednesday after a few days of gloom that dragged them to what had been shaping up to be their worst December performance ever.

Instead of pushing into bear-market territory, the Dow Jones Industrial Average and the Standard & Poor's 500 index marked their biggest single-day point increases ever.

The Dow closed at 22,878.45, up 1,086.25 points, or five per cent, on the day. The broader-based S&P 500 finished at 2,467.70 points, up 116.6 points, or five per cent.

The Dow's biggest previous one-day point gain was on Oct. 13, 2008, during the turmoil of the global financial crisis, when the index climbed 936 points. The S&P 500 set its previous point record on the same day, at closing up 104 points.  

Stocks had been falling sharply in recent days, since U.S. President Donald Trump lashed out at his own central bank, which has hiked its key interest rate four times this year, most recently last week.

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 Keywords: U.S stock markets

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