U.S. stocks rose, paring a December slump that is among the worst in history, after President Donald Trump reported “big progress” in trade talks with his Chinese counterpart. Treasuries slipped and oil erased gains.

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The S&P 500 trimmed its monthly loss to 9 percent, the steepest of the record bull market, as Trump said in a tweet that negotiations toward a comprehensive trade deal were “moving along very well.” Stocks around the world climbed at the end of a dismal year that’s seen bear markets in equities from Japan to Germany. Europe’s main stock gauge headed for 13 percent drop in the year — the biggest since 2008.