FTSE 100 up after record-breaking Wall Street rally

FTSE 100 up after record-breaking Wall Street rally

FTSE 100 up after record-breaking Wall Street rally

The Nasdaq composite added 0.4 percent to 6,579.49. The S&P 500 has averaged a 10.8% rise over the six months following such a washout, with only the minus 2525 reading in October 2008 resulting in a loss, though of only 5.9%. Sydney's S&P-ASX 200 gained 1 per cent to 5,634.30 and benchmarks in New Zealand, Taiwan and Southeast Asia also rose. Mastercard and Amazon were among those reporting Wednesday that 2018 saw top holiday retail sales numbers. Facebook and Netflix also climbed more than 8 percent. Technology companies and retailers drove much of the market's rally.

US crude oil prices soared over 8%, helping oil stocks rise.

Investors have been unnerved by the potential for weaker economic growth and a partial United States federal government shutdown. Despite Wednesday's rally, stocks are on track for their worst December since 1931, during the depths of the Great Depression.

The selloff erased more than $3 trillion in value from the S&P 500 index this month.

The S&P 500 index rose 21.13 points, or 0.9 percent, to 2,488.83. That's the first time that's happened since 2011.

His reassurance comes two days after Mr Trump tweeted that the Fed, by maintaining its interest-rate-hiking cycle, is the USA economy's "only problem". KeyCorp declined 3.7 percent to $14.16 as the yield on the 10-year Treasury fell to 2.74 percent from 2.79 percent late Wednesday.

"I think the market is realizing that the Fed is open to being more flexible", Ewing said. Hence, the stock market plunged after the Fed's announcement.

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Mr. Hassett also told Fox Business Network that Mr. Trump was "very happy" with Treasury Secretary Steven Mnuchin, who in recent days has talked with top USA bankers and convened a call with a working group of regulators who aim to keep financial markets running smoothly. The remarks followed weekend media reports that US President Donald Trump has discussed firing Powell.

"The only problem our economy has is the Fed", he wrote on December 24. "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 Fed is like a powerful golfer who can't score because he has no touch-he can't putt!"

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

Erik Nielsen, the chief economist at UniCredit Bank in London, went as far to say during an interview with the Wall Street Journal that the volatility in USA markets is "turbocharged" by the abrupt policies implemented by the government, and the recent downturn of the market could lead the US into a full-blown recession by 2020. Chinese stocks closed slightly lower, while Seoul also dropped.

According to Goldman Sachs, the recent market pessimism is "overstated".

Concerns about the economic growth outlook, the U.S.

Energy stocks were close behind, led by Marathon Oil (MRO), which surged 11.9% Wednesday.

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