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Stocks Bounce Back From Edge of Bear Market Stocks Bounce Back From Edge of Bear Market
(35 minutes later)
Stocks rose on Wednesday, bolstered by strong data on holiday season retail sales even as the S&P 500 continued to hover near bear-market territory and remained on track to post its worst annual performance since the financial crisis a decade ago.Stocks rose on Wednesday, bolstered by strong data on holiday season retail sales even as the S&P 500 continued to hover near bear-market territory and remained on track to post its worst annual performance since the financial crisis a decade ago.
The gains came as White House officials continued to try to calm a run of market volatility, insisting once again that President Trump had no plans to fire Jerome H. Powell, the Federal Reserve chairman, despite continuing to criticize the central bank’s policies. Mr. Trump, who had previously sought to hitch his political success to a rising stock market, has blamed the Fed’s interest rate increases for the downturn on Wall Street.The gains came as White House officials continued to try to calm a run of market volatility, insisting once again that President Trump had no plans to fire Jerome H. Powell, the Federal Reserve chairman, despite continuing to criticize the central bank’s policies. Mr. Trump, who had previously sought to hitch his political success to a rising stock market, has blamed the Fed’s interest rate increases for the downturn on Wall Street.
[Read more about how Mr. Trump has become fixated on Fed Chairman Jerome Powell, and has asked aides whether he has the power to fire him.][Read more about how Mr. Trump has become fixated on Fed Chairman Jerome Powell, and has asked aides whether he has the power to fire him.]
Kevin Hassett, the chairman of the Council of Economic Advisers, told reporters Wednesday morning that Mr. Powell’s job was “100 percent” safe. His comments came after similar remarks by Treasury Secretary Steven Mnuchin and Mick Mulvaney, Mr. Trump’s incoming chief of staff, both of whom spent the weekend trying to persuade investors that the president did not plan to fire Mr. Powell. Those efforts mostly backfired, in part because Mr. Trump continued to criticize his handpicked Fed chairman.Kevin Hassett, the chairman of the Council of Economic Advisers, told reporters Wednesday morning that Mr. Powell’s job was “100 percent” safe. His comments came after similar remarks by Treasury Secretary Steven Mnuchin and Mick Mulvaney, Mr. Trump’s incoming chief of staff, both of whom spent the weekend trying to persuade investors that the president did not plan to fire Mr. Powell. Those efforts mostly backfired, in part because Mr. Trump continued to criticize his handpicked Fed chairman.
Worries about the White House’s response to the meltdown in the financial markets have dovetailed with other concerns — including weakness in global trade and the economic impact of a potentially lengthy government shutdown — to feed the volatility on Wall Street.Worries about the White House’s response to the meltdown in the financial markets have dovetailed with other concerns — including weakness in global trade and the economic impact of a potentially lengthy government shutdown — to feed the volatility on Wall Street.
■ Trading was volatile, and stocks swung between modest gains and small losses. Before trading started on Wednesday, the S&P 500 had fallen 19.7 percent from its peak on Sept. 20. A bear market is defined as a drop of at least 20 percent. ■ Trading was volatile, and stocks initially swung between modest gains and small losses. By early afternoon, however, the S&P 500 had risen more than 2 percent.
■ Retail stocks led the gains after data from Mastercard showed that retail sales in the United States this holiday season were 5.1 higher than last year while experiencing their most robust growth in six years. ■ Before trading started on Wednesday, the S&P 500 had fallen 19.7 percent from its peak on Sept. 20. A bear market is defined as a drop of at least 20 percent.
Kohl’s was the best performing stock in the S&P 500, climbing more than 4.5 percent. Shares in Amazon, which described the holiday season as “record breaking” without offering details, also rose more than 4 percent. ■ Retail stocks led the gains after data from Mastercard showed that retail sales in the United States this holiday season were 5.1 higher than last year while experiencing their most robust growth in six years. Kohl’s was the one of the performing stocks in the S&P 500, climbing more than 4.5 percent. Shares in Amazon, which described the holiday season as “record breaking” without offering financial details, also rose more than 4 percent.
■ Energy stocks also climbed as crude oil prices rose sharply.
■ 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.■ 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.