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Stocks Rise as Wary Investors Face Prospect of Bear Market Asian Markets Flat as Futures Suggest Mixed Day on Wall Street
(about 1 hour later)
Stocks opened higher at the start of trading on Wall Street Wednesday, even as the S&P 500 continued to hover at the edge of bear-market territory amid what was shaping up as the market’s worst December since the Great Depression. HONG KONG — Jittery investors in Asia looked on Wednesday for any sign of an end to turmoil on Wall Street, where the market is poised for its worst December since the Great Depression. But the Christmas break in the United States gave them little to work with, and most Asian markets finished the day flat or down slightly.
■ Retail stocks were among the day’s best performers after data from Mastercard showed that retail sales in the United States this holiday season were 5.1 higher than last year, and experienced their most robust growth in six years. Kohl’s was the best performing stock in the S&P 500, rising more than 4.5 percent. Futures markets suggested Wall Street would be in for a mixed day as it resumed trading after the holiday, despite President Trump’s assertion that the stock market rout — which is nearing bear market territory — presented a “tremendous opportunity to buy.”
■ Markets were closed Tuesday for Christmas, a holiday pause that offered a reprieve from four straight days of falling share prices fueled at least partly from President Trump’s steady criticism of the Federal Reserve’s decision to raise interest rates. On Tuesday, Mr. Trump eased up slightly on his attacks on the Fed, and suggested the drop on Wall Street was “a tremendous opportunity to buy” stocks. Traders may be more focused on the steady outflow of government officials from Mr. Trump’s administration and concerns that he may fire Steven Mnuchin, even as he expressed confidence in the treasury secretary on Tuesday.
■ Trading was mixed in Asian markets. Japan’s Nikkei 225 stock index rose 0.9 percent, but the Shanghai Composite index was down 0.3 percent, and the Shenzhen Composite fell 0.4 percent. The Kospi index in South Korea fell 1.3 percent, and the Taiex in Taiwan fell 0.5 percent. Many European markets were closed for the holidays.
■ Many European markets were closed for the holidays. Japan’s Nikkei 225 stock index rose 0.9 percent, but other major Asian markets were down slightly.
In China, the Shanghai Composite index was down 0.3 percent, and the Shenzhen Composite fell 0.4 percent.
The Kospi index in South Korea fell 1.3 percent, and the Taiex in Taiwan fell 0.5 percent.