USA stocks lose momentum a day after Dow's record gain

Wall Street notches best day in 10 years in holiday rebound

Wednesday's super-sized gain was a much-needed breather for a market that is having its worst December since the Great Depression.

At the same time, S&P 500 retailing index and Nasdaq recorded their strongest daily percentage gains in nearly ten years.

To call the bottom, Antonelli is looking for, along with other indicators, at least two consecutive days in which the percentage of stocks rising exceeds 90, an event that happened today. Many economic barometers still look encouraging. "And it's also looking for opportunities to reposition and lessen risk".

Adding to investors' fears, Treasury Secretary Steven Mnuchin made an unusual announcement that major us banks had "ample liquidity", adding confusion about banks' health to already volatile market conditions. Traders and investors, cited by Reuters, said that technical market factors also contributed to the rally.

But the gains halved as a pan-European equity index fell 1.1 percent after a strong open and export-reliant German shares lost 2 per cent. The Nasdaq Composite dropped 97.16 points, or 1.48 per cent, to 6,457.19 at the opening bell. Among big retailers, Amazon rose 9.4 percent, Kohl's 10.3 percent and Nordstrom 5.8 percent. The Russell 2000 index of smaller-company stocks gave up 36 points, or 2.8 percent, 1,293.

Technology companies, a big driver of the market's gains before things deteriorated in October, slumped Thursday.

Perrigo lost 5.7 percent to $38.39, one of the big decliners in the health care sector.

The rally in NY fed through to Japan, where the Nikkei pulled out of bear market territory to turn 4% higher overnight.

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"The markets are saying there's a greater than 50 percent chance we enter a recession and fundamentals don't support it and fundamentals win", Zidle said.

Energy stocks.SPNY rose 1.8 percent as crude oil prices rebounded. KeyCorp declined 3.9 percent to $14.13 as the yield on the 10-year Treasury fell to 2.73 percent from 2.79 percent late Wednesday. Newmont Mining was the only S&P 500 member to fall.

Benchmark U.S. crude dropped 2.6 percent to $45.04 a barrel in NY.

Oil prices were a bright spot, with the U.S. benchmark oil price up by 10 per cent to $46.79 a barrel and the global benchmark price, Brent crude, increasing 9 per cent to $55.14.

The dollar strengthened to 111.36 yen from 110.41 yen on Monday. The euro strengthened to $1.1444 from $1.1351.

Gold edged up 0.1 per cent to $1,273 an ounce and silver gained 2 per cent to $15.12 an ounce. Commonwealth Bank closed 2.5 per cent higher at $70.33, Westpac climbed 1.4 per cent to $24.19, NAB lifted 1.9 per cent to $23.34 and ANZ closed at $23.70, up 1.5 per cent.

The slide in US markets followed a sell-off in major indexes in Europe. Britain's FTSE 100 fell 1.1 percent.

Declining issues outnumbered advancers for a 5.52-to-1 ratio on the NYSE and for a 3.13-to-1 ratio on the Nasdaq.

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