U.S. stocks end dismal, volatile year on a bright note

U.S. stocks end dismal, volatile year on a bright note

USA futures surged after President Donald Trump tweeted a day earlier that he expected to reach a deal to help resolve trade friction with Beijing after speaking with Chinese President Xi Jinping.

Health care stocks paved the way for Monday's modest gains. Amazon added 2.1 percent.

Although the U.S. economy has been strong, some fear the Federal Reserve has been raising rates too quickly and could choke off economic growth.

The Dow Jones Industrial Average was up 265.06 points, or 1.15 percent, at the end of trading Monday, while the S&P 500 and the Nasdaq Composite both rose 0.85 percent, but all three indexes were down for 2018.

The S&P 500 and the Dow declined for the first time in three years, posting a yearly decline of 6.2 percent and 5.6 percent respectively in 2018.

The trade-sensitive S&P industrials sector also gave up gains to trade flat, although Boeing Co's roughly 1 percent gain gave the biggest boost to the Dow Industrials. The Nasdaq Composite Index rallied 50.76 points, or 0.77 percent, to 6635.28, Xinhua news agency reported.

All 11 major sectors in the S&P 500 ended the session in positive territory.

Technology companies, a big driver of the market's gains before things deteriorated in October, ended the year with a 1.6 percent loss. Some formerly high-flying USA tech stocks, such as Facebook (FB), Apple (AAPL) and Google parent Alphabet (GOOGL) are now down for the year heading into Monday trading.

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Energy companies fared the worst, plunging 20.5 percent for the year, as the price of US crude oil tumbled around 40 percent from a four-year peak of $76 a barrel in October.

The Dec. 27 trading was marked by a stunning reversal late in the session to build on a rally that started on Dec. 26 with the biggest single-day percentage gains for the indexes in almost a decade.

"The fact of the matter is that there were Trump headlines over the weekend which pushed stocks higher initially, but such moves certainly don't last for very long in a market like this", said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee. If made, it will be very comprehensive, covering all subjects, areas and points of dispute.

ENERGY: Benchmark U.S. crude oil gained 59 cents to $45.92 per barrel in electronic trading on the New York Mercantile Exchange.

Traders were encouraged by news that U.S. President Donald Trump said he expected to resolve trade friction with China after speaking with Chinese President Xi Jinping.

Stocks are snapping higher in early trading on Wall Street on the last day of a volatile year as hopes grew for progress in resolving trade frictions between the USA and China. Brent crude, the benchmark for worldwide prices, gained 1.1 percent to $53.80 a barrel in London.

CURRENCIES: The dollar rose to 110.36 yen from 110.28 yen last Friday.

The Dow Jones Industrial Average rose 255 points, or 1.1 percent, to 23,317. The euro rose slightly to $1.1455 from $1.1442.

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