USA stocks shake off slide with late-afternoon rally

Wall Street notches best day in 10 years in holiday rebound

In that time, the S&P 500 quadrupled, the Dow did nearly as well, and the tech-laden Nasdaq index climbed 500 per cent, before starting their current declines.

Technology companies and health care stocks, big gainers on Wednesday when the market had its best day in 10 years, took some of the heaviest losses in Thursday's broad slide.

Stocks fell sharply Monday after President Donald Trump lashed out at the central bank.

"But history also shows eight of the 5-per cent-plus gains came during the bear market of 2007-2009 and three more during the market downturn of 2000-2003 - to suggest there is still a risk that this year's Boxing Day bonanza could be no more than a wicked bear trap set to lure investors into more trouble", Mould cautioned.

December is typically a buoyant month for stocks. Even with the two-day winning streak, the Dow, S&P 500 and Nasdaq are all down more than 9 percent for the month and stocks are on track for their worst December since 1931. The S&P 500 and Nasdaq eked out modest gains after having been down 2.8 and 3.3 percent, respectively.

"The market is extremely oversold where we left it" on Monday, said Brett Ewing, chief market strategist at First Franklin Financial Services in Tallahassee, Florida.

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All three major USA indexes - Dow, S&P and Nasdaq - finished down 2 percent or more on Christmas Eve.

The Dow closed at 22,878.45, up 1,086.25 points, or five per cent, on the day.

Treasury Secretary Steven Mnuchin held calls on Sunday with the heads of the six largest USA banks in order to reassure nervous investors that the financial markets and economy were functioning properly. Investors have also been unnerved by the personnel turmoil inside the Trump administration, trade tensions with China, the slowing global economy and worries that corporate profits are going to slip sooner or later. Advanced Micro Devices slid 6 percent to $16.82.

The Toronto Stock Exchange's S&P/TSX composite index was up 248.36 points, or 1.8 per cent, at 14,028.55.

Japan's Nikkei index rose 4% as it opened on Thursday. The resurgence nearly marked the largest uptick on a percentage basis sine March 2009, when it rose 5.8%.

A drop in oil prices led to a 2.21% drop in the energy index, while technology and consumer discretionary stocks shed 1.54% and 1.77%, respectively.

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He expects global stock markets to return 4.5 percent to 6.5 percent annually over the next 10 years, in dollar terms, versus the 12.6 percent they had provided annually since the market's bottom following the 2008 financial crisis. Brent crude, used to price worldwide oils, shed 68 cents to $53.79 a barrel.

Benchmark U.S. crude climbed 8.7 per cent to settle at $46.22 a barrel in NY. I am 100 percent not saying we are in a situation like 2008 now, but look at October 10, 2008 to October 13, 2008: the market rose almost 12 percent in one day. The euro rose to $1.1397 from $1.1353.

Gold edged up 0.6 percent to $1,281.10 an ounce and silver gained 1.2 percent to $15.31 an ounce. Amazon (AMZN), Facebook (FB), Alphabet (GOOGL), Netflix (NFLX) and Apple (AAPL) all fell between 1% and 3%.

Homebuilders mostly rebounded after an early slide following a report indicating that annual USA home price growth slowed in October.

Other major indices including the S&P 500 and Nasdaq also rebounded after a tumultuous session on Christmas Eve. Britain's FTSE 100 fell 1.5 percent.

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