Stocks opening higher on Wall Street Wednesday

Seth Wenig  AP FILETraders work on the floor of the New York Stock Exchange in New York Dec. 24 2018

- US stocks surged Wednesday, recovering all their losses from a Christmas Eve plunge and placing the market on track for its best day in nine months.

The Dow Jones Industrial average gained 223 points or 1 percent to 22,013.

The broad-based S&P 500 also surged five per cent to 2,467.70, while the tech-rich Nasdaq Composite Index advanced 5.8 per cent to 6,554.36.

Business reports the Dow rose 1,086 points, gaining 5 percent.

Yet some analysts have argued that the stock market's weakness in December has been disproportionate to economic conditions at a time when unemployment is low and growth is still solid.

"The markets are in panic mode that the USA economy is tanking", Stephen Innes, head of Asia-Pacific trading for online broker Oanda, said. It's looking for a reason to gain a little more confidence.

Investors cheered news of the biggest holiday shopping season in six years. Kohl's jumped 5.6 percent.

As investors desperately hope for any good news - whether from the administration or the Federal Reserve - to stop the stocks from their free fall, there is still value in the market to profit from. A reminder that consumers-a key part of the American economy-remain on solid footing helped soothe anxiety created by fears of a global slowdown and personnel churn in the US administration.

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Stock exchanges in London, Frankfurt, Hong Kong and Australia remain closed and will have to digest the recent turmoil when they reopen Thursday.

The partial USA government shutdown that started Saturday is unlikely to hurt the economy much, although it may deprive the financial markets of data about worldwide trade and gross domestic product.

President Trump tried to create his own White House rally on Christmas Day when he suggested that the pullback in US stock markets is a good buying opportunity for investors. S&P 500 and Nasdaq futures also pointed to positive moves for when the indexes open on Wednesday. Bank of America, JPMorgan and Goldman Sachs slipped more than 1 percent as the yield on the the 10-year Treasury fell to 2.76 percent from 2.79 percent. (NASDAQ: AMZN) in percentage terms.

This comes as China and the United States plan face-to-face consultations to resolve their trade dispute, which has rocked stock markets, along with concerns over slowing economic growth and rising interest rates. The $DJI posted its best-ever session for points gained, while the SPX and COMP put in their strongest performances since March 2009.

Technology stocks in the likes of Amazon have recorded strong daily gains possibly due to the oversold conditions the market demonstrated.

The S&P CoreLogic Case-Shiller 20-city home price index rose 5 percent from a year earlier, down from an annual gain of 5.2 percent in September. It had ended Monday's Christmas Eve carnage - when the Dow dropped more than 600 points - exactly 19.8% down from its September peak. Noble Energy slid 4.1 percent to $18.31. Brent crude, used to price worldwide oils, lost 4.2 percent to $52.16 a barrel in London. Copper gained 1.5 percent to $2.70 a pound.

The dollar fell to 110.69 yen from 111.36 yen on Wednesday. The German DAX slid 2.4 percent, while the Nikkei 225 index rebounded 3.9 percent.

Gold edged up 0.1 per cent to US$1,273 an ounce.

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