The Dow Jones industrial average climbed 500 points, more than 2 On Wednesday, markets tried to recover from the worst Christmas Eve in history.
The White House Economic Adviser, Kevin Hassett, tried to bring some calm to the markets by reassuring reporters on Wednesday that US Federal Reserve job Jerome H. Powell was "100 percent sure."
Yes, of course, 100 percent, "said Hassett, chairman of the presidential economic advisers' council when asked by White House reporters if Powell's job is safe." Absolutely. "
Hassett said in a Fox Business appearance Network that President Trump is also "very pleased with Secretary of State Steven Mnuchin." Mnuchin worried last weekend when he was talking to the heads of US banks about the economy.
President Trump's criticism of the Fed and Powell has shaken Wall Street as it blurs the worst December in history.
The Dow spun slightly in the first hours of Wednesday's session to 200 points, be before it lifts in the early afternoon on the sweeps of Apple's Blue Chips, Home Depot, Microsoft, Visa and Nike. The shares of Facebook and Amazon each increased by more than 5 percent.
The S & P 500 and engineering-heavy Nasdaq Composite also rebounded, gaining more than 2 percent in early afternoon trading, respectively.
The Post-Holiday Open Comes to Shorten The trading session on Christmas Eve left the Nasdaq deep in the correction area, and the S & P was close to it.
The nearly ten-year bull market started in March 2009 is nearing its end.
President Trump attempted to create his own White House rally on Christmas Day when he proposed that the withdrawal on the US stock markets is a good buying opportunity for investors.
"We have companies – the biggest in the world, and they're doing really well," Trump told reporters in the White House. "They have record numbers. I think it's a great opportunity to buy. Really a great opportunity to buy.
All three major US indices – Dow, S & P and Nasdaq – fell 2 percent or more on Christmas Eve. The Dow closed 653 points.
Ten of the eleven sectors of the S & P are in a correction for Wednesday, though all were higher in early trading. A correction is generally defined as a 20 percent retreat from recent highs.
The 30 blue chips of the Dow are just behind and dropped by 4.034 points in December by about 13.63 percent. The high in September is almost 5,000 points behind the high. The composition of some of the key US companies is on track for its worst month since 1998.
Recent economic and political developments, including the sudden resignation of Defense Secretary Jim Mattis, have shaken investors. a partial closure of the Federal Government; an interest rate increase; Speculation that Trump would try to fire Powell; Mnuchin calls to US banks; and Trump's sudden decision to withdraw US troops from Syria against the advice of his national security team.
The President on Christmas Day questioned Powell's record numbers, which he blamed increasingly for market weakness.
We'll see, "the president said when a journalist asked if he had faith in Powell. "They raise interest rates too fast. this is my opinion. But I certainly have confidence. , , I think they will do it soon. I really do.
Presidents are rarely satisfied with interest rate increases, but Trump's criticism of Powell has hit Wall Street.
"Markets are getting more and more confused by criticism of the Fed," said Invesco chief Kristina Hooper, global market strategist. "The Fed has created confidence despite the global financial crisis and government decommissioning, although there is a minority view that stocks would rise if Powell were to be replaced, but I believe that this is causing a severe sell-off because of what it represents
"Having said that," Hooper said, "the Fed should be more flexible in terms of balance sheet normalization, considering how powerful a tool is."