U.S. markets jumped Monday on encouraging news about a budget deal in Washington that would avert the so-called fiscal cliff.
President Barack Obama said Monday afternoon that a deal was not done, but was "within sight." Senate Minority Leader Mitch McConnell, R-Ky., later said a deal on taxes was done and an overall deal was "very, very close," MarketWatch reported.
Major market indexes rose early, but gains picked up in the afternoon. By the close of trading, the Dow Jones industrial average had gained 1.28 percent or 166.03 points to 13,104.14, closing up 7.3 percent for the year.
The Nasdaq gained 2 percent or 59.20 points to 3,019.51, gaining 16 percent since the first of the year.
The Standard and Poor's 500 added 1.69 percent, 23.76 points, to 1,426.19, a gain of 13 percent in 2012.
On the New York Stock Exchange, 2,642 stocks advanced and 447 declined on a volume of 3.1 billion shares traded.
The 10-year treasury note was off 17/32 to yield 1.761 percent.
The euro fell to $1.3204 from Friday's $1.3217. The dollar rose to 86.73 yen from 85.97 yen.
Markets in Japan were closed for a bank holiday.
In London, the FTSE 100 index shed 0.47 percent, 72.56, to 5,897.81.
Most Popular Stories
- Apple Wants Samsung to Pay $22M for Patent Dispute Legal Bills
- NASA Fellowships, Scholarships Bring Diversity to Workforce
- Twitter Coming to Phones Without Internet
- Dish Network Leads 2013 Top 50 Advertisers List
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines
- Jobs Report Brings Cheer As Unemployment Drops to Five-year Low
- Starbucks Gets Grinchy; No Gingerbread Lattes for Tampa Customers
- Entravision Initiates Quarterly Cash Dividend
- Warner Bros. Unleashes 'Hobbit: Desolation of Smaug' Merchandise