For the day, the Dow ended higher by 166.03 points (1.3%) at 13,104.14. Nasdaq ended higher by 59.2 points (2%) at 3,019.51. S&P 500 ended higher by 23.76 points (1.7%) at 1,426.19.
For the year 2012, the Dow, Nasdaq and S&P 500 rose 7.3%, 16% and 13% respectively.
Among the ten economic sectors, utilities were hardest hit and consumer companies was the best performing of its 10 industry sectors.
Markets were quieter overnight and for most of the day, on this last trading day of the year, and ahead of the New Year's Day holiday on Tuesday. Most U.S. markets closed early on Monday. Then in early afternoon trading newswires reported that President Obama was going to make a statement, most likely on the fiscal cliff situation. U.S. lawmakers need to reach a deal by 3 January to avoid a series of tax increases and spending cuts that automatically go into effect.
The materials sector was the top performer as steelmakers display relative strength. The metal producers are enjoying an upbeat session after last night's Chinese HSBC Manufacturing PMI report beat expectations. The strong PMI reading was received as a positive sign for the country's economy, which in turn would be a positive for future steel demand.
Technology stocks are outperforming. The notable strength among tech names came as Apple traded higher by 4.4%. Elsewhere, Intel was firmer by 1.1% after earlier reports indicated the company is readying the launch of a set-top box which would allow consumers to stream video and access additional digital content. Also of note, Facebook went higher by 2.4% after Stifel Nicolaus reiterated its 'Buy' rating on the stock. In addition, the investment bank raised the price target for Facebook to $31.
Financials saw an uptick in recent trade after reports indicated the president is scheduled to speak at 13:30 ET. Bank of America and Morgan Stanley saw respective gains of 1.2% and 1.0%.
At an afternoon news conference, President Barack Obama said an accord to avoid the cliff was within sight, but not yet complete.
Bullion metals finished higher on Monday, 31 December 2012, the last trading day of the year. Prices rose on news the Obama administration and U.S. lawmakers have apparently made good progress and are near a deal on the U.S. "fiscal cliff" matter that has been dominating the business news headlines for several weeks. Short covering, bargain hunting and even some fresh safe-haven demand early in the day were featured in the gold market.
Gold for February delivery rose $19.9 (1.2%) to settle at $1,675.8 an ounce on the Comex division of the New York Mercantile Exchange on Monday. Prices rose to a high of $1,680 during intra day trading. Gold ended December 2012 higher by 2.1%. Gold ended 2012 with an overall yearly gain of around 7%, which marks the 12th consecutive year the yellow metal has posted yearly gains. On Monday, March silver rose $0.25, or 0.8% to settle at $30.23 an ounce. Silver finished 8.3% higher for the year 2012.
Crude oil prices ended higher on Monday, 31 December 2012 at Nymex. On Monday, light and sweet crude oil futures for light sweet crude for February delivery closed higher by $1(1.1%) at $91.82/barrel. For 2012, oil futures fell 7.1%, their first yearly decline since 2008, when markets were rocked by the global financial crisis.
For every stock falling six gained on the New York Stock Exchange, where almost 732 million shares traded. Composite volume neared 3.2 billion
Indian ADRs ended mostly higher on Monday. In the Banking space, ICICI Bank was up 0.3% and HDFC Bank fell 0.15%. In the IT space, Infosys was up 1.22% and Wipro was up 0.8%. In the Telecom space, MTNL rose 1.7% and Tata Communication was up 2.02%. In the other space, Sterlite was up 0.5%, Tata Motors was up 1.3%. Dr Reddys was up 0.63%.
For tomorrow, market will be closed on observance of New Year Holiday.
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