Summary Box: Bonds drop, stocks gain on tax deal (AP)
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BOND SHOCK: A deal between President Barack Obama and Republican leaders to extend tax cuts pushed bond prices sharply lower. Traders expect the deal to boost economic growth and increase the size of the budget deficit.
NEW HIGH: The Standard & Poor's 500 index closed at a new yearly high of 1,228.28. It reached its last high on Nov. 5. The index is now up 10.1 percent for the year.
LESS GOLDEN ARCHES: McDonald's Corp. fell 1.6 percent to $78.74 after reporting November sales figures that fell short of analysts' expectations.
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