U.S. stocks opened higher Monday, the last trading day of the year, as investors focused on evidence that trade talks between America and China are advancing.
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Presidents Trump and Xi Jinping talked over the phone on Sunday, and expressed willingness to strike a trade deal afterwards. Trump said “big progress” was being made on a potential trade deal.
Earlier this month, the two nations agreed on a 90-day ceasefire in the trade war that will begin Tuesday.
A spokesperson for China’s foreign ministry offered an upbeat statement about prospects for successful negotiations, according to government media outlet Xinhua News Agency.
“China stands ready to work with the United States to move forward the China-U.S. ties which are underpinned by coordination, cooperation and stability,” the spokesperson said.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 23251.73 | +189.33 | +0.82% |
| SP500 | S&P 500 | 2494.09 | +8.35 | +0.34% |
| I:COMP | NASDAQ COMPOSITE INDEX | 6601.1956 | +16.67 | +0.25% |
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In Asian markets on Monday, Hong Kong shares climbed over 1 percent, closing an otherwise bearish 2018 on a firm note.
In a shortened trading session, the Hang Seng index rose 1.3 percent, but lost 13.6 percent of its value for the year, the worst decline since 2011.
Trading for the year in China and Japan ended on Friday. China’s Shanghai Composite lost 24.6 percent for the year.
Japan’s Nikkei declined 12 percent for the year. It was the Nikkei’s first annual decline since 2011.
In Europe, London’s FTSE traded higher by 0.3 percent and France’s CAC rose 1 percent. Germany’s DAX was closed, having ended the trading year on Friday losing 18-percent for the year.
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On Friday, U.S. closed out a wild week that saw stomach-churning gains and losses as investors weighed an array of concerns. Major averages snapped a three-week losing streak but remain down for the month.
While all three major averages, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite, were up for the week, they are all down more than 9 percent so far this month, which has only one more trading day in it.
