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* Indexes jump: Dow 2.19 pct, S&P 2.28 pct, Nasdaq 3.13 pct
* S&P comes within 2 pts of a bear market, before rebounding
* Amazon, retailers jump on strong holiday sales report
* Techs, biggest loser in past four days, lead gains
* Energy stocks boosted by rebound in oil prices
* Fed chair's job not at risk -White House economic adviser (Updates to early afternoon)
By Medha Singh
Dec 26 (Reuters) - U.S. stocks shrugged off a falteringstart to rise over 2 percent on Wednesday, as a rebound intechnology shares and an Amazon-led jump in retailers put themarket on pace to snap a four-session losing streak.
The benchmark S&P 500 .SPX is on track for its biggestone-day percentage jump since March, while the Dow Industrialsis clocking its best day in five weeks as both the indexesretreat from the brink of bear market territory.
The gains were led by technology stocks .SPLRCT , whichrose 2.93 percent. Their 9.2 percent slump in the past foursessions was the steepest among the 11 major S&P sectors, whilethe S&P 500 has lost 7.7 percent in that period.
Amazon.com IncAMZN.O jumped 6.12 percent after reportinga "record-breaking" season. The stock was giving the biggestboost to the S&P and Nasdaq and led the consumer discretionaryindex .SPLRCD up 2.93 percent.
Energy stocks .SPNY rose 3.28 percent as crude oil pricesrebounded, while the communication services .SPLRCL and healthcare .SPXHC indexes also rose more than 2 percent.
White House economic adviser Kevin Hassett said FederalReserve Chairman Jerome Powell's job was not in jeopardy,helping ease nerves after President Donald Trump's repeatedcriticism of the Fed over the past few days. urn:newsml:reuters.com:*:nL1N1YV0DB
The strong gains come after the Dow and S&P flitted betweengains and losses earlier. At its session low, the S&P came twopoints shy of a bear market, measured by a drop of over 20percent from a closing high. The index is still clocking itsbiggest percentage drop in any December since the GreatDepression and roughly three quarters of its stocks are in bearmarket.
The Dow finished Monday 18.9 percent lower than its closinghigh, not far off from joining the Nasdaq, the Dow JonesTransport Average .DJT and small-cap Russell 2000 index .RUT in bear market territory.
"It seems like a bear-market rally. Usually they don't lastvery long, but this could continue till the month ends," PeterCardillo, chief market economist at Spartan Capital Securitiesin New York.
"We are in a bear market and when that happens the wholemarket gets cheap. Investors will likely go for low (valuation)names because they could get into the market that way withoutgetting into trouble."
At 1:05 p.m. ET, the S&P 500 .SPX was up 53.63 points, or2.28 percent, at 2,404.73. The Dow Jones Industrial Average .DJI was up 477.45 points, or 2.19 percent, at 22,269.65, andthe Nasdaq .IXIC was up 194.14 points, or 3.13 percent, at6,387.06.
All 11 S&P sectors ended Monday lower for the year after thefour-day slide. All 11 were higher for the day, with thedefensive real estate .SPLRCR , consumer staples .SPLRCS andutilities .SPLRCU notching the smallest gains.
Retailers .SPXRT jumped 4.80 percent, led by Amazon, aftera Mastercard report showed U.S. holiday sales were the strongestin six years. urn:newsml:reuters.com:*:nL3N1YV2EZ
The heavy-weight FAANG group - Facebook IncFB.O , Amazon,Apple IncAAPL.O , Netflix IncNFLX.O and Alphabet IncGOOGL.O , jumped between 3 percent and 6.12 percent.
Advancing issues outnumbered decliners by a 3.68-to-1 ratioon the NYSE and a 3.45-to-1 ratio on the Nasdaq.
The S&P index recorded no new 52-week highs and 194 newlows, while the Nasdaq recorded five new highs and 469 new lows.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.