What a difference 24 hours makes! After falling more than 500 points in the final hour of trade Tuesday, the Dow found its footing, took off running and scored its third-biggest point gain ever, closing higher by 619 points. This was the largest intraday point gain for the blue chip average in almost seven years.
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Six Dow stocks have recovered all losses suffered during Monday and Tuesday's selloffs and are now higher for the week. These include Apple (NASDAQ:AAPL), Intel (NASDAQ:INTC), Nike (NYSE:NKE), Exxon Mobil (NYSE:XOM), 3M (NYSE:MMM) and Walt Disney (NYSE:DIS).
The S&P 500 and the Nasdaq also saw major gains Wednesday, with the S&P 500 climbing nearly 73 points as the Nasdaq rose 191 points. The day's rally has pulled both the S&P and Nasdaq out of correction territory.
Who missed out on the day's rock 'n' roll rally? Gold and oil. Gold fell for a third straight day to see its lowest settlement in more than a week, finishing down 1.2% to settle at $1,124.60 an ounce. Oil shed 1.8% to settle at $38.60 per barrel. This comes as gasoline futures dropped nearly 6% following the restart of BP's (NYSE:BP) refinery outside of Chicago.