Wednesday, December 26, 2018

Stock Market Explodes: Dow Up Over 1,000 Points

Is this the save the jobs of Jay Powell and Steven Mnuchin establishment rally?

The Dow Jones Industrial Average ended with a gain of 1,086.25 points, or 4.98%, at 22,878.45. It was the largest point game for the Industrials ever,

The S&P 500  soared 116.60 points, or 4.96%, to end at 2,467.70. The Nasdaq Composite advanced 361.44 points, or 5.84%, to 6,554.36.

On a percentage basis, all three major indexes saw the strongest one-day gains since March 23, 2009.

The advances come following a Monday conference call, arranged by Treasury Secretary Steven Mnuchin, of the Plunge Protection Team.

Federal Reserve Board Chairman Jay Powell has been under a steady stream of verbal and tweet abuse from President Trump since the Fed raised the Fed funds interest rate last week. And the abuse has intensified as the stock market weakened in recent days. Trump campaign economic adviser Steven Moore on Sunday called for Powell's resignation.

And this morning, the White House denied a CNN report that Mnuchin’s job was in “serious jeopardy” after a failed attempt to calm markets. At about the same time the rally started. Hmmm.



  1. Did the bailout banks get the buy command from the prez? Long way to go until reelection. Killed my put option profits.

  2. Maybe it was a christmas present from the plunge protection team.

  3. Wow, 700 point rally at end of day today to finish up. The graph of the day is comical.