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Stocks lose momentum a day after Dow's record gain

Stocks lose momentum a day after Dow's record gain

USA stocks were attempting a modest rebound on Wednesday, boosted by technology shares and an Amazon-led jump in retailers, following four sessions of steep losses that pushed the S&P 500 and Dow Industrials near bear market territory.

All told, the S&P 500 index rose 116.60 points, or 5 percent, to 2,467.70.

Equity futures were giving back some gains following the biggest one-day Dow point gain in history.

But even with the rally, the market remains on track for its worst December since 1931, during the depths of the Great Depression, and to finish 2018 with its steepest losses in a decade. The Dow rose for the first time in a single trading session of more than 1000 points.

Sales in the 2018 US holiday shopping season rose 5.1 percent to over $850 billion, the strongest in six years, according to a Mastercard report.

The stagnation in the progress of resolving the trade war between the US and China supported by the Federal Reserve's increasing interest rate have continued to take a toll on the global economy and major stock markets in leading regions such as Japan, South Korea, and China.

The heavy-weight FAANG group - Facebook Inc (FB.O), Amazon, Apple Inc (AAPL.O), Netflix Inc (NFLX.O) and Alphabet Inc (GOOGL.O), rose between 1 percent and 4 percent. "They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders".

The latest on developments in financial markets (all times local): 4:00 p.m. US stocks are staging a furious late-afternoon rally Thursday, closing with gains after erasing a 600-point drop in the...

Most Asian stock markets gained Friday while Japan edged down following Wall Street's rally at the end of a turbulent week.

Catriona Gray crowned Miss Universe 2018
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Markets in Europe, Hong Kong and Australia were closed Wednesday for post-Christmas holidays.

Stocks are looking to stop one of the most miserable Decembers on record, as a host of headwinds combined to drag down America's benchmark index.

Health care and technology companies, banks and industrial stocks accounted for much of the broad gains. The S&P 500 retailing index jumped 7.4 percent, while shares of online retailer Amazon which touted a "record-breaking" season, climbed 9.4 percent.

Energy stocks also rebounded as the price of USA crude oil posted its biggest one-day gain in more than two years.

The Dow Jones Industrial average gained 223 points or 1 percent to 22,013.

Retailers also got a holiday boost. Advanced Micro Devices slid 6 percent to $16.82. The Nasdaq added 12 points to 6,591.

Bonds prices rose. The yield on the 10-year Treasury slipped to 2.78 percent from 2.79 percent late Wednesday, although the yield dropped as low as 2.73 percent when stocks were near their lowest levels as investors sought safer investments.

The Russell 2000 is up 39.73 points, or 3.1 percent. But despite Wednesday's surge, it remained on pace for its biggest monthly percentage drop since February 2009, during the throes of the financial crisis.

Mr Rodda says Wall Street is registering a solid day of activity on Thursday, with its three major indices up over 2-and-a-half % so far in the session.

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