Stocks jump on renewed hopes for U.S.-China trade deal

/ CBS/AP

What's behind recent stock market volatility

New York — Stocks opened higher on the last day of a volatile year, with investors hoping that the U.S. and China are making progress resolving their trade dispute.

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.

"Just had a long and very good call with President Xi of China," Mr. Trump said in a tweet on Saturday. "Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!"

The Dow jumped 214 points, or 0.9 percent, to 23,277 shortly after the start of trade, while the S&P 500 and Nasdaq each rose roughly 0.7 percent.

Just had a long and very good call with President Xi of China. Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!

— Donald J. Trump (@realDonaldTrump) December 29, 2018

Big-name technology companies and retailers, which have been badly bruised in the barrage of selling this month, clawed higher early Monday. Apple rose 1.9 percent and Amazon added 2.8 percent.

Stocks have see-sawed sharply of late, with the Dow on Dec. 26 recording its biggest ever one-day gain — soaring over 1,000 points, or nearly 5 percent — before fading later in the week.

First published on December 31, 2018

© 2018 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

Stocks jump on renewed hopes for U.S.-China trade deal

As financial markets continue to whipsaw, President Trump is sounding an optimistic note over talks with Beijing

updated 3M ago

Trump defends legacy as 2018 ends with shutdown, criticism

The president has a case to make to his base

updated 23M ago

5 million U.S. workers will get raises in 2019

Not waiting for the feds to take action, 20 states are set to boost their minimum wage on Jan. 1

updated 38M ago

New Horizons space probe closes in for historic encounter

NASA's New Horizons probe is racing toward the most distant space object ever explored, 4.1 billion miles from Earth

updated 44M ago

YouTube bodybuilder who stabbed Tinder date dies in police custody

Family of a Massachusetts man who stabbed a woman repeatedly before he died in police custody says they tried to get him help for mental health issues

1H ago

Trump defends legacy as 2018 ends with shutdown, criticism

The president has a case to make to his base

updated 23M ago

Shutdown showdown is first battle for Trump in new era

It's the first glimpse of what Washington will be when Democrats control the House this week

1H ago

Elizabeth Warren takes formal step toward presidential candidacy

Warren said in September she'd take a "hard look" at a presidential bid after the 2018 midterms

updated 54M ago

Trump is immoral and untruthful, former Afghanistan commander says

Retired Gen. Stanley McChrystal said the U.S. has "basically traded away the biggest leverage point we have"

2H ago

Videos allegedly show migrant kids being dragged, pushed in shelter

Incidents in since-shuttered Southwest Key facility in Youngtown, Arizona could lead to charges

1H ago

Retail revolution brings robot restaurants, car vending machines to China

Companies are re-engineering their businesses to cater to consumers who rely on smartphones for pretty much everything

updated 39M ago

Video may show men carrying journalist's body parts in bags

Images show three men carrying five suitcases and two large black bags into the home of the Saudi consul general in Istanbul

2H ago

American citizen arrested in Russia on spying charges

Paul Whelan could get a 20 year prison term but there were no immediate details on his alleged espionage

1H ago

2019: What's next for Europe and Russia?

CBS News correspondent Charlie D'Agata on Britain's troublesome Brexit, and Trump's troublesome relationship with Putin

23H ago

2019: What's next for Asia?

CBS News correspondent Ben Tracy on North Korea's failure to denuclearize, and the bombastic trade war between the Trump administration and China

Dec 30

Louis C.K. mocks Parkland shooting survivors in leaked audio

Comic's jokes about school shootings and gender identity in leaked recording of standup act prompt outrage on social media

updated 33M ago

The year in review: 2018's most popular movies, songs, TV and more

"Sunday Morning" reviews the tops in pop culture from the past year

23H ago

The return of Laurel & Hardy

A new biography, "Stan & Ollie," recounts the slapstick comedy duo who were one-of-a-kind

Dec 30

Ashley McBryde looks back on breakout year: "What just happened?"

More than a decade ago, a professor told her to quit school and go to Nashville

Dec 29

Comedian Brian Regan finally gets out of Hollywood's blindspot

The achievement of a television series has eluded him – until now

Dec 29

Retail revolution brings robot restaurants, car vending machines to China

Companies are re-engineering their businesses to cater to consumers who rely on smartphones for pretty much everything

updated 39M ago

New Horizons space probe closes in for historic encounter

NASA's New Horizons probe is racing toward the most distant space object ever explored, 4.1 billion miles from Earth

updated 44M ago

New augmented reality technology could help firefighters save lives

Operating in pitch-black, smoke-filled rooms may become less dangerous with the help of special cameras and computer programs built into the C-Thru firefighter's mask

2H ago

2018's most expensive climate-driven events took place in U.S.

Extreme weather is happening more frequently, and the damages that go along with it are increasing

16H ago

NASA probe on track for historic New Year's flyby

Three years and a billion miles past Pluto​, NASA's New Horizons probe​ is on the verge of another milestone

Dec 28

Judge lets Obamacare stand during appeal process

Judge Reed O'Connor said he stands by his conclusion that the law is invalidated by congressional repeal of its fines on people who remain uninsured

11H ago

Doctor possibly exposed to Ebola brought to U.S. for treatment

The doctor had been providing medical assistance in the Democratic Republic of Congo, where over 300 people have died in the latest Ebola outbreak

Dec 29

Top trending health questions of 2018

This year, people turned to Google to answer their questions about the keto diet, ALS, endometriosis, and more

Dec 29

Measles warning issued for Newark airport travelers

Health officials are warning people who were at Newark Liberty International Airport on Christmas Eve that they have been exposed to measles

Dec 28

Shrimp recalled in 3 states over potential health hazard

Nation's largest grocery chain issues recall for shrimp sold in parts of Michigan, Ohio, Virginia

Dec 28

Stocks jump on renewed hopes for U.S.-China trade deal

As financial markets continue to whipsaw, President Trump is sounding an optimistic note over talks with Beijing

updated 3M ago

5 New Year’s resolutions for working boomers

Here are critical steps that will improve your retirement prospects and — best part — can be easy to achieve

updated 27M ago

Retail revolution brings robot restaurants, car vending machines to China

Companies are re-engineering their businesses to cater to consumers who rely on smartphones for pretty much everything

updated 39M ago

5 million U.S. workers will get raises in 2019

Not waiting for the feds to take action, 20 states are set to boost their minimum wage on Jan. 1

updated 38M ago

What 2019 holds for your money

Higher interest rates, gas prices and new rules for your tax return: Here's what financial experts predict for the coming year

1H ago

YouTube bodybuilder who stabbed Tinder date dies in police custody

Family of a Massachusetts man who stabbed a woman repeatedly before he died in police custody says they tried to get him help for mental health issues

1H ago

Videos allegedly show migrant kids being dragged, pushed in shelter

Incidents in since-shuttered Southwest Key facility in Youngtown, Arizona could lead to charges

1H ago

New murder trial for Shayna Hubers: Why did she shoot Ryan Poston six times?

A lawyer shot dead at home – his girlfriend admits she pulled the trigger and then dances, twirls and snaps her fingers in a strange police video. Was it self-defense or love gone bad?

Dec 29

New murder trial for Shayna Hubers: Why did she shoot Ryan Poston six times?

A lawyer shot dead at home – his girlfriend admits she pulled the trigger and then dances, twirls and snaps her fingers in a strange police video. Was it self-defense or love gone bad?

Dec 29

In bizarre police video, murder suspect sings "I did it! Yes, I did it."

Shayna Hubers was taken into custody after calling 911 and reporting to police she'd killed her boyfriend in self-defense — she was read her rights and asked for an attorney, but she did not remain silent

Dec 29