Stocks opening higher on Wall Street Wednesday

Dow soars 1,000 points biggest point gain ever	 	 	 			NYSE

Dow closes up more than 1,000 points in best day for Wall Street in 10 years as stocks rally back from Christmas Eve beating.

American exchanges were closed on Tuesday for the Christmas holiday, but stocks are inheriting downside momentum from a Monday plunge when they recorded their worst Christmas Eve trading ever - and the S&P 500 entered a bear market. Nasdaq rose 5.8 percent or 361 points to 6,554. The S&P 500 climbed more than 100 points, or about five percent, while the tech-heavy Nasdaq Composite rose more than 360 points, or almost six percent.

Hickey does have one painful reminder for investors: Even a 20% gain would leave the S&P 500 below its all-time high. Despite Wednesday's rally, stocks are on track for their worst December since 1931, during the depths of the Great Depression.

Gains for the sector seem to have been helped on news that holiday sales increased 5.1 percent year over year to more than $850 billion this year.

The offshore yuan was little changed after China released new rules promising to treat all companies equally, the latest positive step on the trade and investment front since further US and Chinese tariff hikes were paused.

Stocks had taken a beating recently on lingering worries about the economy and caution over persisting political uncertainties, as a partial federal government shutdown lingers and President Trump's continues his hostile stance toward the Federal Reserve.

The latest on developments in financial markets (all times local): 4:00 p.m. USA stocks are staging a furious late-afternoon rally Thursday, closing with gains after erasing a 600-point drop in the... The swing was indicative of the volatility that has gripped the stock market throughout December.

China's Shanghai Composite index fell 0.6 percent. The rally in oil prices, and in stocks for that matter, could be due in part to a bounce from oversold conditions, with market participants wanting to buy the dip. The Nasdaq was up 4 percent and on track to wipe out Monday's losses. the S&P posted a 2.9 percent pop in afternoon trading.

US stocks staged one of the biggest rallies of the 9 1/2 year bull market after coming within points of seeing it end, with major indexes surging at least 4.9 per cent. The Dow Jones Industrial Average is up 346 points or 1.6 percent to 22,131.

Advancing issues outnumbered declining ones on the NYSE by a 4.84-to-1 ratio; on Nasdaq, a 3.80-to-1 ratio favoured advancers. Credit card company Visa climbed 7 percent, and Mastercard was up 6.7 percent.

Benchmark U.S. crude dropped 2.4 percent to $45.12 a barrel in NY.

Retail stocks, particularly Amazon, provided the biggest boost to the market. Bank of America, JPMorgan and Goldman Sachs slipped more than 1 percent as the yield on the the 10-year Treasury fell to 2.76 percent from 2.79 percent.

According to CNBC, "retailers were among the best performers on Wednesday..."

European markets were also mixed, with Frankfurt's DAX showing a small gain, while the FTSE 100 (London) and the CAC 40 (Paris) moved lower.

The Russell 2000 is up 39.73 points, or 3.1 percent.

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