Stocks jump on renewed hopes for U.S.-China trade deal
/ CBS/AP
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 This material may not be published, broadcast, rewritten, or redistributed.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.
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