The Dow Jones Industrial Average rocketed upward Wednesday in the highest single-day point increase ever and highest percentage raise in nearly a decade.
The Dow closed at 22,878 the day after Christmas, a 1,086-point, nearly five percent gain on the day. It was the highest one-day point gain in history and the greatest percentage gain since March 2009, according to Fox61. The boost came in the first day of trading since Monday’s Christmas Eve dip of more than 600 points.
The S&P and Nasdaq had their best days since August 2011, according to the report. The S&P was up four percent Wednesday while the Nasdaq rose 4.8 percent.
Retail sales hit their highest levels in five years, according to CNN Business. Mastercard and Amazon were among those reporting Wednesday that 2018 saw top holiday retail sales numbers. The boost was attributed at least in part to soaring wages and diving gas prices.
The numbers are supported by strong consumer sentiment numbers issued the week ahead of Christmas Day. They were the highest recorded in the past two decades. Results noted that consumers were more concerned with jobs and income prospects than the stock market. Only 12 percent of consumers were concerned with the markets. The University of Michigan report stated, “If the current expansion lasts past mid-2019, as is likely based on current data, it will become the longest expansion ever recorded.”