Stocks surge Wednesday to largest one-day point-gain ever

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NEW YORK (AP) -- 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.