USA stocks fell sharply at open on Thursday following a spectacular rally a day earlier that helped the blue-chip Dow Jones Industrial Average surge more than 1,000 points for the first time ever.
Futures of both the Dow Jones Industrial Average and the S&P 500, which were recently flirting with bear territory, plunged at least 1.4% in early morning NY trading on Thursday.
The S&P 500 index rose 80 points, or 3.4 percent, to 2,431 of 3:24 p.m.
Business reports the Dow rose 1,086 points, gaining 5 percent.
Retailers also got a holiday boost.
"The markets are in panic mode that the U.S. economy is tanking", Stephen Innes, head of Asia-Pacific trading for online broker Oanda, said in an email. It's looking for a reason to gain a little more confidence.
Espagne-Mercato : Le Barça prend de l'avance pour De Jong
Un choix sportif puisque la concurrence ( Manchester City , Bayern, PSG) proposait plus d'argent, assure le quotidien catalan. Et le Barça serait prêt à payer une belle somme pour le transfert, mais pas les 75 millions d'euros réclamés par l'Ajax .
The up and down is perhaps not that surprising given that many market participants may be out of their offices during the traditional holiday period between Christmas and the new year. Kohl's gained 8.3 percent to $64.75.
In the USA, S&P 500, Dow and Nasdaq futures are all pointing to a drop of more than 1.5%.
Gains in banks, retailers and health care companies are outweighing losses in energy stocks and elsewhere in the market.
The plunge in stocks on Monday stateside came after Mnuchin held calls with CEOs of major USA banks last weekend and issued a statement saying, "The banks all confirmed ample liquidity is available for lending to consumer and business markets".
The partial US government shutdown may deprive the financial markets of data about global trade and gross domestic product. Shares of department store JCPenney (JCP) dipped below $1 for the first time and Ford (F) stock was down as much as 9% this week.
Until Wednesday, the holiday season had been a big disappointment for investors and traders, with most of the losses coming in the previous four trading days.
‘I do’ have confidence Treasury Secretary Mnuchin
POTUS has largely laid the blame for economic headwinds on the Fed, openly criticizing its chairman, Powell, whom he appointed. The stock market had its worst Christmas Eve in history, even though late December is typically a time for stocks to rise.
ON THE BRINK: Wednesday's gains provide the S&P 500 some breathing room after finishing the shortened trading session Monday just shy of a 20-percent drop from its peak three months ago. Energy stocks also rebounded with a almost 10-percent rise in oil prices on December 26. Unemployment is at 3.7 percent, the lowest since 1969.
US stocks are staging a furious late-afternoon rally Thursday, closing with gains after erasing a 600-point drop in the Dow Jones Industrial Average. Brent crude, used to price worldwide oils, lost 4.2 percent to $52.16 a barrel in London.
Earlier Wednesday, White House economic adviser Kevin Hassett said Trump was satisfied with Mnuchin's performance and that Fed Chair Jerome Powell's job is "100 percent" safe.
The offshore yuan was little changed after China released new rules promising to treat all companies equally, the latest positive step on the trade and investment front since further USA and Chinese tariff hikes were paused. Copper fell 1.2 percent to $2.67 a pound. The euro strengthened to $1.1422 from $1.1351. Japan's Nikkei 225 index, which plunged 5 percent on Tuesday, picked up 0.9 percent Wednesday.
Gold edged up 0.1 percent to $1,273 an ounce and silver gained 2 percent to $15.12 an ounce.
Blizzard warning, more snow and wind expected
In a special weather statement, Environment Canada said "a significant winter storm is expected Thursday night into Friday night". Between today and Thursday , the storm could also dump up to 18 inches of snow in South Dakota and west-central Minnesota.