SET Aims to Rebound as DJIA Skyrockets 5% overnight! Oil Crude Shows Highest 2-Year Gain

Wall Street surges overnight as the news report that Powell's job is 100% safe, while crude oil prices see biggest gain in two years,

27/12/2018

Stock markets showed a promising sign of good recovery before year end as Dow Jones skyrockets 1,086.25 points or 4.98% – its biggest point gain in history – overnight, snapped a four-day losing streak, especially the loss on Christmas eve. S&P 500 roared 116.60 points or 4.96% while NASDAQ gained 361.44 points or 5.84%. However, all three indexes are still in the loss column.

Wall Street stumbled on the early Wednesday session, but the market became more sure-footed after White House economic adviser Kevin Hassett assured that Fed’s chairman Jerome Powell’s job is 100% safe. Some analysts see that the market needed something positive to hold on to, and when the news of Powell came out, the market got what it perceived as good news.

The surge in crude oil prices also helped the energy sector to move more than 6%. The oil prices showed its biggest increase in two years as WTI crude was up almost 10% at about $46/barrel, while Brent crude increased more than 8.5% to more than $54/barrel.

Asia markets are all in the gain territories as NIKKEI jumped 638.99 points or 3.31% after the 5% decline on Christmas into bear market. SSEC gained 20.04 points or 0.80%, HSI hiked 140.96 points or 0.55%, ASX 200 surged 75.80 points or 1.38%, and KOSPI rose 4.92 points or 0.24%.