(NEW YORK) — U.S. stocks rallied in the final hours of trading for the year as investors await a budget deal to take shape in Washington.
The Dow Jones Industrial Average, after waffling much of the morning, jumped 166 points to end the session at 13,104. The index is coming off five straight days of losses, but managed to gain seven percent over the course 2012.
The S&P rose 23 points to end the year at 1,426, a gain of 13 percent for 2012. The Nasdaq Composite rose 59 points to 3,019.
Tribune company emerged from Chapter 11 Monday, more than four years after the media company sought bankruptcy protection. The reorganized company is starting with a new board of directors and new ownership.
Meanwhile, hundreds of thousands of workers will get a pay raise at midnight. Minimum wage in 10 states will go up Tuesday. Many states still follow the federal minimum wage, which is $7.25.
Copyright 2012 ABC News Radio
Paul R. La Monica, CNN
Parija Kavilanz, CNN