Dow Climbs 1,050 Points in Largest-Ever Rally While Bitcoin Slumps — Newsflash

Trump in talks to possible firing of Fed Chair Jerome Powell

Dow Plunges 650 Points on Christmas Eve Amid D.C. Chaos

"Today the market's message is that we have nothing to fear but fear itself", said Ed Yardeni, president of Yardeni Research. Amazon led the gain, with a 7 percent surge sparked by record holiday sales. Outside of the large-cap index, however, ethereum classic - ranked 17th by market cap - headlined with a 10.31 percent rally to $5.15. The market started surging after his remarks. On Wednesday Kevin Hassett, the chairman of the Council of Economic Advisers, said to reporters that Powell's job is "100%" safe.

Mnuchin then spoke with the heads of major USA banks on Sunday and issued a statement that evening saying the banks had "ample liquidity". A survey carried out by Bespoke Investment Group shows that Wall Street does not like the decisions that the Fed is making under the leadership of Jerome Powell.

The Dow was whirling between slightly negative to 200 points up in the first hours of Wednesday's session before its early afternoon lift on the tails of surging blue chips Apple, Home Depot, Microsoft, Visa and Nike. Shares of Wayfair, Kohl's and Dollar General all rose at more than 6 percent.

All three major indexes were on pace to snap a four-day losing streak.

The S&P 500 at the same time jumped by about five percent as well by closing near 2,468, reported MarketWatch. The Nasdaq Composite is up 2.5 percent at 6,349.

Bond prices fell. The yield on the 10-year Treasury is up to 2.76 percent. Benchmark Brent crude increased more than 8.5 percent to more than $54 per barrel.

Stocks on Wednesday climbed back from their epic Christmas Eve plunge as all three indexes posted big gains.

The near-decade long bull market that began in March 2009 earned a reprieve on Wednesday's rally. He remained bullish on USA companies and their prospects, insisting from the Oval Office on Tuesday: "They have record kinds of numbers". "I think its a tremendous opportunity to buy. Really a great opportunity to buy", Trump reportedly said to reporters at the White House on Christmas. That triggered further panic on Monday, with the global benchmark S&P 500 index of U.S. stocks slumping 2.7 per cent in what has been dubbed the "Mnuchin massacre". The Dow closed down 653 points. While U.S. stocks are still headed for their first annual loss in almost a decade, Wednesday's trading has brought early glints of relief as a new year approached. Both have recently flirted with bear territory, defined as a drop of more than 20% from recent highs.

Mr. Trump has since said that interest rate hikes were a "form of safety" for an economy that was doing well, while stressing that the Fed was raising rates too quickly.

Some saw Wednesday's rally as digesting Mnuchin's calls to bankers. Breaking 1918's record for the worst Christmas Eve performance. The President said Powell and his team "will get it pretty soon". But I certainly have confidence.

The markets have been dealing with concerns of a slowing global economy, the trade dispute with China and last week's interest rate increase - the fourth by the Federal Reserve this year. "The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!"

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