U.S. stocks rebounded somewhat on Monday, the final trading day of the year, but it wasn’t enough to erase the losses accumulated throughout 2018. The S&P 500 and Nasdaq Composite both closed higher, while the Dow Jones Industrial Average also saw gains.

Despite the day’s positive performance, all three major indexes ended the year in the red. This marks the first time since 2008, during the global financial crisis, that U.S. stocks have finished a calendar year with negative returns.

Several factors contributed to the market’s volatility in 2018, including:

• Rising interest rates
• Trade tensions between the U.S. and China
• Concerns about global economic growth

While the late-year rally provided some relief to investors, the overall performance underscores the uncertainty that characterized the market in 2018. Analysts are now closely watching economic data and geopolitical developments to gauge the outlook for 2019.