Dow Jumps More Than 1,000 Points in One Day

After weathering the worst Christmas Eve market drop in history, the Dow Jones Industrial Average came roaring back to life on Wednesday, jumping more than 1,000 points to hit the largest single-day gain since 2009. The New York Times reports that the markets have been remarkably volatile in recent days, in part because of President Trump’s attacks on Federal Reserve Chairman Jerome Powell. The Washington Post notes that the rapid market recovery began soon after White House economic adviser Kevin Hassett told reporters that Powell is “100 percent safe.” Surges in tech and oil shares contributed to the unexpected upswing. “Today the market’s message is that we have nothing to fear but fear itself,” the president of Yardeni Research said, the Post reports. “The recent selloff reflected fears of an impending recession which were blown away today by Amazon and other retailers reporting a record holiday selling season. Santa is back.”