Fiscal Deal Boosts Stocks

    A trader works on the floor at the New York Stock Exchange in New York, Friday, Dec. 28, 2012. Stocks were heading lower Friday, for a fifth day, on concern that Washington lawmakers will fail to reach a budget deal before a year-end deadline. (AP Photo/Seth Wenig)

    Seth Wenig/AP

    Wrong again, Mayans! The new year is getting off to a good financial start Wednesday, as stock markets rallied in the wake of the late-night fiscal-cliff deal. U.S. stock markets, which rallied more than 1 percent on Dec. 31 in anticipation of a deal, were off to the races on Wednesday. The Dow Jones industrial avergage gained more than 229 points, or 1.75 percent; the S&P 500 index gained 26.53 points, or 1.86 percent; while the Nasdaq Composite Index rose 74.26 points, or 2.46 percent. Global markets also rose sharply. The House voted 257–167 to approve the Senate bill that would avoid major tax hikes and spending cuts.

    Read it at Reuters