Dow Jones soars 1,086 points in largest single-day increase

Specialist Stephen Naughton works on the floor of the New York Stock Exchange on Thursday

It came after New York's Dow Jones Industrial Average rose by 5%, or 1,086 points, on Boxing Day - the first time the index has climbed by more than 1,000 points in a single session.

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.

This therefore means that NASDAQ is down by more than 20 percent from the value of 29 of august when it had recorded its high. Data released by Mastercard SpendingPulse showed retailers were having their best holiday season in six years. Copper fell 1.2 percent to $2.67 a pound.

Markets have been roiled over the last three months on worries of trade tensions between the U.S. and China, fears of a global economic slowdown, and the Federal Reserve's rate-hiking path. The stocks saw their worst December and worst Christmas on record.

US stocks dropped in trading Monday, after a brutal week pushed the S&P 500 to the brink of a bear market. Before the recent bounce, the index fell 20 percent from its recent peak, slipping into a bear market.

"This is a market that's heavily oversold, and typically you expect a strong bounce following that", Krosby said.

The two monetary tightening actions are driving the stock market declines, traders say.

President Donald Trump said he was prepared to wait as long as it takes to get funding for his U.S. -Mexico border wall, a demand that has triggered a partial shutdown of the federal government that is now in its fifth day. The Dow has dropped 1 percent or more in eight of the 17 trading sessions. Hence, the stock market plunged after the Fed's announcement.

Investors have been shaken by recent economic and political developments, including the abrupt resignation of Defense Secretary Jim Mattis; a partial federal government shutdown; an interest rate hike; speculation that Trump might seek to fire Powell; Mnuchin's calls to US banks; and Trump's sudden decision to withdraw USA troops from Syria against the counsel of his national security team.

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"The only problem our economy has is the Fed", he wrote on December 24.

Trump has also reportedly been upset over the last week with his treasury secretary, Steven Mnuchin, who advised him to appoint Powell to the Fed job.

The Australian market is heavily influenced by sentiment in larger overseas markets, particularly Wall Street. Two days earlier, he said "it is incredible" that "the Fed is even considering yet another interest rate hike".

"The wise course in this period is to pay close attention to current market signals-not merely lagging indicators like GDP and the jobless rate-and proceed with caution", the report warned.

Technology stocks accounted for much of Monday's early bounce. Many investors are growing anxious that corporate profits - which drive stock market gains - are poised to weaken. Amazon had its biggest gain in more than a year. That ratio is below both the 5-year average of 16.4 and the 10-year average of 14.6.

Markets responded to turmoil in Washington.

Even so, traders have been jittery this autumn over signs that the global economy is slowing, the escalating USA trade dispute with China and another interest rate increase by the Fed.

Oil, which rose 9% a day ago, was down 2.1% Thursday.

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