Wall Street stocks posted strong gains Friday, bouncing back from a losing streak as investors looked towards policies from Donald Trump's incoming administration.

U.S. Steel stock fell 8% ahead of the open Friday on reports President Biden is set to block its takeover by Nippon Steel.

The stock market finally snapped its end-of-year skid amid a broad rally from the major indexes. The S&P 500 on Friday rose 1.3%, while the Nasdaq Composite gained 1.8%. The Dow rose 340 points, or 0.