Wall Street stocks surge with Dow Jones setting one-day record

Stocks have surged on Wall Street, with the Dow Jones Industrial Average vaulting more than 1,000 points, its biggest one-day point-gain ever.

Investors recouped all their losses from Wall Street’s Christmas Eve plunge as stocks rallied across all sectors, giving markets their best single-day percentage gain in 10 years.

The Dow Jones gained 5% or 1,086 points to 22,878 on Wednesday.

The benchmark S&P 500 gained 5% or 116 points to 2,467.

Nasdaq rose 5.8% or 361 points to 6,554.

Energy stocks gained the most as oil prices notched their biggest gain in more than two years.

Economists called the big market moves a “reflex rally” after Monday’s drop, which left Wall Street on track for its worst December since the Great Depression.