Newsflash: Dow Futures Plunge after Wednesday’s Record Stock Market Rally

The Russell 2000 index of smaller-company stocks gave up 36 points, or 2.8 percent, 1,293.

The major US stock markets shot upward in record fashion Wednesday after a few days of gloom that dragged them to what had been shaping up to be their worst December performance ever. The S&P 500 and technology-heavy Nasdaq Composite also bounced.

The S&P 500 index rose 80 points, or 3.4 percent, to 2,431 of 3:24 p.m.

T jumped 3.14 percent, led by Amazon, after a Mastercard report showed US holiday sales were the strongest in six years. "But with low liquidity and trading models responsible for the majority of trades in recent days, it might not be until the new year till you see greater stability", said Reilly.

Trading resumed Thursday for European markets, which were closed for the festive season.

"I think we will probably end up finishing the year going up, unless something insane happens", he said in an interview a day before the Fed's most recent decision to raise interest rates. Kohl's jumped 5.6 percent.

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. Wall Street traditionally considers a drop of 20 percent or more from recent highs to be a bear market.

More news: Congress, White House talking, but no quick end to shutdown

Many investors have been unnerved by a variety of factors, including the partial US government shutdown, the US-China trade war and Trump's ongoing criticism of Fed Chair Powell.

"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. The stocks saw their worst December and worst Christmas on record.

"The real question is do we have follow-through for the rest of this week", said Sam Stovall, chief investment strategist for CFRA.

TECH RALLY: Technology stocks accounted for much of Monday's early bounce. It said USA shoppers spent more than $850 billion this year, both online and offline. "We can assess the fundamental drivers, such as poor global economics, the Fed not altering its forward guidance or providing flexibility to the pace of balance sheet normalization, and ascertain nothing has really changed here", he added.

Gold has also been soaring and was set for its biggest monthly increase in nearly two years, with many investors seeking havens amid intensifying global economic woes. Copper fell 1.2 percent to $2.67 a pound. Brent crude, used to price global oils, shed 68 cents to $53.79 a barrel.

Traders work on the floor of the New York Stock Exchange (NYSE) on December 21, 2018 in New York City.

CURRENCIES: The dollar eased to 110.90 yen from 111.37 yen late Wednesday. From the collapse of Lehman to the financial crisis bottom in March 2009, the S&P 500 rallied more than 4 percent on 13 different occasions. The euro rose to $1.1397 from $1.1353.

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