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Stocks - Market Stages a Serious Late-Day Rally to Close Higher

Published 12/27/2018, 04:01 PM
Updated 12/27/2018, 04:13 PM
© Reuters.

© Reuters.

Investing.com - Wall Street ended higher in another roller-coaster day that saw the Dow Jones down more than 600 points before finishing more than 250 points higher.

The Dow rose 1.14%, while the S&P 500 closed 0.9% higher. The Nasdaq Composite gained 0.38%.

It looked for a while that profit-taking would dent more than half of Wednesday historic gains as weak consumer sentiment numbers spooked traders.

The Conference Board’s consumer confidence index for December fell to its lowest level in five months.

“The consumer has been a big support for this economy and if all of a sudden the consumer starts to get a little bit anxious and spending slows down, that’s going to have an impact,” David Joy, chief market strategist at Ameriprise Financial (NYSE:AMP) said.

But the market showed its resilience after midday, rising fairly steadily into the close.

As stocks marched toward the green, the bond market saw a strong selloff as money that had been moving away from risk piled back into equities.

The 10-year yield, which had been down around 2.74% as late at 90 minutes before the close, were at 2.784% when the stock market closed.

Materials stocks were the strong sector, with the S&P 500 Materials index up 1.8%.

Freeport-McMoran (NYSE:FCX), up about 2.6%, and Avery Dennison (NYSE:AVY), up around 2.5%, were the leaders.

3M (NYSE:MMM), IBM (NYSE:IBM) and Procter & Gamble (NYSE:PG) powered the Dow’s gains.

Techs faced the most struggle, with semiconductors weighing.

Advanced Micro Devices (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA) lost ground after RBC raised concerns about video card pricing.

-- Reuters contributed to this report.

Latest comments

Investing.com...."But the market showed its resilience after midday, rising fairly steadily into the close.. . . As stocks marched toward the green, the bond market saw a strong selloff as money that had been moving away from risk piled back into equities.". . . Give me a break....30 years I have been doing this and yesteray, ok I can swallow, but today..that was as rigged a game as I ever saw! Your lack journalistic integrity frightens me
At least, I read that the majority understood this (as usual) is a complete fraud but ridiculous more. Day trading ES today was ok until the "market" (rigged) decided at 14.30 to go up having only a stop to breath at the VWAP to continue to finish almost 1% positive. Sad to know that the PPT, banks and Vaporware team as destroying any possible normal trade... good luck
Trumponomics and the Plunge Protection Team :).
this is all complete fraud, since 2008. Difference now is that the debt market is at a complete saturation level, nowhere to go but down. Today was a set up to short the market when it falls. This out of control fraud will happen over the next few days then watch out.
Call me crazy but a market doesn’t make a rebound of 6% without a reason! It’s easy to pump with low volumes..
It's being set up to be shorted when it plunges.
True
if anyone is disappointed with today play the horses at least you're getting $0.86 on the dollar of every other losing bettor. trying to play the fraud of international markets is nothing potentially except heartbreak and a tax write-off it's not worth it
Al Capone, explaining why he’d play the ponies but wouldn’t invest a dime on Wall Street. . . “It’s a racket. Those stock market guys are crooked.”
Haha...sadly true, man!
It stinks
hey 3/4 of my comments here are censored so what do you think the rest of the financial universe is doing?
like it or not, I think they're setting up a major bear trap for a massive rally into 2019. trying to window dress the end of Trump's first term
yesterday's chaos and today's ridiculous turnaround stinks of market manipulation. The fed recently spoke with the top banks after an epic downturn during the Christmas season. And a massive 1 day rebound like today is *****near impossible without any positive news.
That is exactly what i think. Thank you
100% agreed
Algos and institutions? No news that I've heard of to move the market like that.
Plunge protection team in action!
Oh yeah...
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