Fiscal Deal Boosts Stocks

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.