Stocks finished the final trading day of 2012 with a sharp rally, snapping a five-day losing streak, as optimistic remarks from Senate minority leader Mitch McConnell and President Barack Obama overshadowed the possibility that the U.S. could go over the "fiscal cliff" at the end of the night.
Note: U.S. stock-market futures are closed Tuesday due to the New Year's holiday and will re-open at 6am ET Wednesday, according to the CME website.
The House was not expected to vote on any measure tonight, meaning the U.S. could go over the fiscal cliff at midnight, sources told CNBC in the final minutes of trading. Still, major averages shrugged off the news and finished near session highs. (Read More: Going Over the 'Cliff,' but Tax Agreement 'in Sight')
The stock market will be closed Tuesday for New Year's day.