Dow notches record point surge in dramatic rebound

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Despite Wednesday's gain, the market remained on track for its worst December since 1931, after several days of losses capped off by the worst Christmas Eve day of trading on Monday.

The Dow is up 433.08 points, or 1.9 per cent.

The S&P 500 .SPX was up 9.05 points, or 0.38 percent, at 2,360.15 and the Nasdaq Composite .IXIC was up 67.39 points, or 1.09 percent, at 6,260.30.

Wednesday was a respite from a very rough month for investors.

Both the Dow Jones Industrial Average and the S&P 500 were recently flirting with bear territory.

"Investors went bargain shopping the day after Christmas, where stocks just got too cheap relative to earnings, future earnings, any reasonable assessment of earnings", Chris Rupkey, managing director of MUFG told CNN.

Stocks found their footing after wobbling in morning trade.

The Nasdaq is already in a bear market.

Among retailers, Macy's gained 4.3 percent and Amazon.com rose 4.3 percent.

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ENERGY: Benchmark U.S. crude jumped 98 cents to $45.59 per barrel in electronic trading on the New York Mercantile Exchange. But Washington has a different playbook this holiday break.

On Wednesday, Kevin Hassett, chairman of the White House Council of Economic Advisers, weighed in, saying Powell is in no danger of being fired, The Wall Street Journal reported.

Those doubts come of top of worries about how sharply the United States economy might lose steam next year.

"There are reasons we should be volatile, including a lot of unknowns as we head into 2019, starting with tariffs", said JJ Kinahan, chief markets strategist for TD Ameritrade, noting that below-average trading volume this time of year is also contributing to the market's volatility this week. "If the USA economy turns south, global capital markets are in for a world of hurt".

It's been a brutal month for markets, capped by a whirlwind holiday week as stocks swung from the worst Christmas Eve on record to the best day in a decade.

In Asian markets, Japan's Nikkei swung between gains and losses Wednesday before closing up almost 1%.

US benchmark oil rose 1.1 per cent to $45.08 a barrel, giving a modest boost to energy stocks.

In Asia, the Shanghai Composite Index and the Hang Seng index each lost at least 0.6%.

The lackluster finish to 2018 comes as most economists expect growth to slow in 2019, though not by enough to slide into a full-blown recession. "The reality is that the president no longer has a team of credible leaders to manage the American and the global economy". -China trade dispute and higher interest rates would slow the economy, hurting corporate profits.

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