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Wall Street stocks surge with Dow Jones setting one-day record

The ‘reflex rally’ follows a plunge on Christmas Eve.

Trader Peter Tuchman, right, slaps a high five before the closing bell on the floor of the New York Stock Exchange (Richard Drew/PA)
Trader Peter Tuchman, right, slaps a high five before the closing bell on the floor of the New York Stock Exchange (Richard Drew/PA)

Stocks have surged on Wall Street, with the Dow Jones Industrial Average vaulting more than 1,000 points, its biggest one-day point-gain ever.

Investors recouped all their losses from Wall Street’s Christmas Eve plunge as stocks rallied across all sectors, giving markets their best single-day percentage gain in 10 years.

The Dow Jones gained 5% or 1,086 points to 22,878 on Wednesday.

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File image of a sign on Wall Street (Martin Keene/PA)

The benchmark S&P 500 gained 5% or 116 points to 2,467.

Nasdaq rose 5.8% or 361 points to 6,554.

Energy stocks gained the most as oil prices notched their biggest gain in more than two years.

Economists called the big market moves a “reflex rally” after Monday’s drop, which left Wall Street on track for its worst December since the Great Depression.

PA

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