The trading session is over and so is the tumultuous 2018 that gripped the stock market. The S&P 500 (+0.9%), Dow Jones Industrial Average (+1.2%), Nasdaq Composite (+0.8%) pared yearly losses to 6.2%, 5.6%, 3.9%. The Russell 2000 (+0.8%), for its part, reduced its yearly loss to a disappointing 12.2%.
Thin trading conditions for most of the day contributed to another volatile session on Monday, though all 11 S&P 500 sectors did finish in the green. The health care (+1.4%) and consumer discretionary (+1.1%) sectors remained constant leaders, while the real estate (unch) and utilities (+0.2%) sectors underperformed.
Stocks jumped out to a gain of 1.0%, helped by another hopeful trade tweet from President Trump, but the early advance provided another excuse to sell into strength. The benchmark index would slip into negative territory (-0.1%) at around 11:30 a.m. ET.
The S&P 500 quickly recovered and traded in positive territory for the rest of the day, but not with the same confidence that contributed to its strong start.
Buying conviction was reserved with no news catalysts or economic data to sway investors -- until a last minute swarm of buyers pushed the indices to near session highs.
The CBOE Volatility Index (VIX) decreased 2.9 points to 25.42, ending the year well above its low from early August (10.17).
U.S. Treasuries ended the abbreviated bond market session with gains across the curve, despite the positive disposition in the stock market. The 2-yr yield decreased two basis points to 2.50%, and the 10-yr yield decreased five basis points to 2.69%, reaching its lowest level since February.
As a reminder, the stock market will be closed Tuesday, Jan. 1.
- Nasdaq Composite -3.9% YTD
- Dow Jones Industrial Average -5.6% YTD
- S&P 500 -6.2% YTD
- Russell 2000 -12.2% YTD