Markets Right Now: Stocks surge on Wall Street

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The latest on developments in financial markets (all times local):

4:00 p.m.

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Stocks surged on Wall Street Wednesday, 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 percent or 1,086 points to 22,878. The benchmark S&P 500 gained 5 percent or 116 points to 2,467. Nasdaq rose 5.8 percent 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.

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12:00 p.m.

Stocks continued to rise Wednesday led by retailers and technology companies

The S&P 500 is up 41 points or 1.7 percent to 2,391 at midday. The Dow Jones Industrial Average is up 346 points or 1.6 percent to 22,131. The Nasdaq Composite is up 2.5 percent at 6,349. The indexes are rebounding from steep losses before the Christmas holiday.

Among retailers, Macy's gained 4.3 percent and Amazon.com rose 4.3 percent. Kohl's jumped 5.6 percent.

Bond prices fell. The yield on the 10-year Treasury is up to 2.76 percent.

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9:35 a.m.

Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses.

Twitter jumped 4.6 percent and Mastercard gained 3.9 percent in early trading, the biggest gainers as traders returned from the Christmas holiday.

Retail stocks also enjoyed large gains: Macy's is up 3.6 percent, Kohl's up 3.1 percent and Walmart up 2.4 percent.

The Dow Jones Industrial average gained 223 points or 1 percent to 22,013. The S&P 500 is up 33 points or 1.4 percent at 2,384. The Nasdaq Composite is up 116 points or 1.9 percent at 6,311.

Bond prices fell. The yield on the 10-year Treasury rose to 2.76 percent.