Stocks rocketed on Wednesday in Wall Street’s best day in 10 years, snapping a stomach-churning, four-day losing streak and giving some post-Christmas hope to a market that has been battered this December.

The Dow Jones Industrial Average shot up more than 1,000 points — its biggest single-day point gain ever — rising nearly 5 percent as investors returned from a one-day Christmas break.

The broader S&P 500 index also gained 5 percent, and the technology-heavy Nasdaq rose 5.8 percent.

But even with the rally, the market remains on track for its worst December since 1931, during the depths of the Depression, and could finish 2018 with its steepest losses in a decade.

“The real question is: Do we have follow-through for the rest of this week?” said Sam Stovall, chief investment strategist for CFRA.

Technology companies, health care stocks and banks drove much of the broad rally. Retailers also were big gainers, after a holiday shopping season marked by robust spending. Amazon had its biggest gain in more than a year.

Energy stocks also rebounded as the price of U.S. crude oil posted its biggest one-day gain in more than two years.

In recent days, Trump’s tweet attacks on the Fed and chairman Jerome Powell for raising interest rates stoked fears about the central bank’s independence, unnerving the market.

The partial government shutdown that began over the weekend also weighed on the market, as did personnel turmoil inside the Trump administration, trade tensions with China, the slowing global economy and worries that corporate profits are going to slip sooner or later.

The Dow lost 1,883 points over the prior four trading sessions and is still down 2,660 for December.

Wednesday’s gains pulled the S&P 500 back from the brink of what Wall Street calls a bear market — a 20 percent tumble from an index’s peak. Another day of heavy losses would have marked the end of longest bull market for stocks in modern history — a run of nearly 10 years.

The S&P is now down 15.8 percent since its all-time high on Sept. 20.

All told, the S&P 500 rose 116.60 points Wednesday, or 5 percent, to 2,467.70. The Dow soared 1,086.25 points, or 5 percent, to 22,878.45. The Nasdaq gained 361.44 points, or 5.8 percent, to 6,554.36. The Russell 2000 index of smaller-company stocks picked up 62.89 points, or 5 percent, at 1,329.81.

Trading volume was lighter than usual following the Christmas holiday. Markets in Europe, Hong Kong and Australia were closed.

Among tech stocks, Adobe rose 8.7 percent. Credit card company Visa climbed 7 percent, and Mastercard was up 6.7 percent. Among big retailers, Amazon rose 9.4 percent, Kohl’s 10.3 percent and Nordstrom 5.8 percent.

Most economists expect growth to slow in 2019, though not by enough to slide into a full-blown recession. Unemployment is at 3.7 percent, the lowest since 1969. Inflation is tame. Pay growth has picked up. Consumers boosted their spending this holiday season.

The market apparently got a lift Wednesday when Kevin Hassett, chairman of the White House Council of Economic Advisers, said in an interview with The Wall Street Journal that the Fed chairman is in no danger of being fired.

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Specialist Jay Woods works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Specialist Jay Woods works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday’s steep losses. (AP Photo/Richard Drew)
Trader Michael Milano works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Trader Michael Milano works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday’s steep losses. (AP Photo/Richard Drew)
Trader Steven Kaplan works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Trader Steven Kaplan works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday’s steep losses. (AP Photo/Richard Drew)
Specialist James Denaro works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Specialist James Denaro works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday’s steep losses. (AP Photo/Richard Drew)
University of Wisconsin football Team Captain Alec Ingold, second from right, and University of Miami football Team Captain Jaquan Johnson, right, ring the New York Stock Exchange opening bell, Wednesday, Dec. (AP Photo/Richard Drew)
University of Wisconsin football Team Captain Alec Ingold, second from right, and University of Miami football Team Captain Jaquan Johnson, right, ring the New York Stock Exchange opening bell, Wednesday, Dec. (AP Photo/Richard Drew)
Specialist Vera Liu, left, and trader James Matthews work on the floor of the New York Stock Exchange, Wednesday, Dec. (AP Photo/Richard Drew)
Specialist Vera Liu, left, and trader James Matthews work on the floor of the New York Stock Exchange, Wednesday, Dec. (AP Photo/Richard Drew)
Specialist Mario Picone works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Specialist Mario Picone works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday’s steep losses. (AP Photo/Richard Drew)
Trader Dudley Devine works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Trader Dudley Devine works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday’s steep losses. (AP Photo/Richard Drew)
Specialists work at a post on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Specialists work at a post on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday’s steep losses. (AP Photo/Richard Drew)
Trader Gregory Rowe works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Trader Gregory Rowe works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday’s steep losses. (AP Photo/Richard Drew)
Specialists Peter Mazza, left, and Mario Picone work on the floor of the New York Stock Exchange, Wednesday, Dec. (AP Photo/Richard Drew)
Specialists Peter Mazza, left, and Mario Picone work on the floor of the New York Stock Exchange, Wednesday, Dec. (AP Photo/Richard Drew)
Trader Frank Masiello smiles as he works on the floor of the New York Stock Exchange before the closing bell, Wednesday, Dec. (AP Photo/Richard Drew)
Trader Frank Masiello smiles as he works on the floor of the New York Stock Exchange before the closing bell, Wednesday, Dec. (AP Photo/Richard Drew)
Specialist John O''Hara gestures as he looks at the Dow Jones industrial average before the closing bell on the floor of the New York Stock Exchange, Wednesday, Dec. (AP Photo/Richard Drew)
Specialist John O”Hara gestures as he looks at the Dow Jones industrial average before the closing bell on the floor of the New York Stock Exchange, Wednesday, Dec. (AP Photo/Richard Drew)
Traders Peter Tuchman, right, slaps a high five before the closing bell on the floor of the New York Stock Exchange, Wednesday, Dec. (AP Photo/Richard Drew)
Traders Peter Tuchman, right, slaps a high five before the closing bell on the floor of the New York Stock Exchange, Wednesday, Dec. (AP Photo/Richard Drew)

Source: The Associated Press