Main US indexes log biggest day-after-Christmas gains ever

Dmitry Lukashov IFC Markets

US stock indexes recover from Christmas Eve losses

US stock market rebounded on Wednesday from sharp Christmas Eve rout. The S&P 500 gained 5% to 2467.70. The Dow Jones industrial average rose 5% to 22878.45. Nasdaq composite index rallied 5.8% to 6554.36. The dollar weakening reversed despite data showed Case-Shiller 20-city price index gain declined to 5% over-year in October from a revised 5.2% in September. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.5% to 96.99 but is lower currently. Stock index futures indicate higher openings today.

SP500 jumps 12/27/2018 Market Overview IFC Markets chart

European indices poised to reopen higher

European stock markets were closed yesterday for Christmas holidays and will reopen today. Both GBP/USD andEUR/USD gave back previous session gains but are higher currently. The Stoxx Europe 600 closed 0.4% lower Monday. German markets were closed on Christmas eve, France’s CAC 40 fell 1.5% and UK’s FTSE 100 slid 0.5% to 6685.99. Futures indicate higher openings today.

Nikkei leads Asian indices gains

Asian stock indices are mixed today after overnight rally on Wall Street. Nikkei jumped 3.9% to 20077.62 despite yen turning higher against the dollar. China’s stocks are falling as data showed industrial profits fell in November for the first time in almost three years. The Shanghai Composite Index is down 0.6% and Hong Kong’s Hang Seng Index is 0.5% lower. Australia’s All Ordinaries Index gained 1.8% after reopening despite the Australian dollar’s resumed slide against the greenback.

Brent lower

Brent futures prices are edging lower today. Prices ended sharply higher yesterday: February Brent crude rallied 7.9% to $54.47 a barrel on Wednesday.

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Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

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GBP/USD remains well bid around 1.3650

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