Dow surges 308 points on 'fiscal cliff' deal - latimes.com: "NEW YORK — Investors poured back into the stock market on the first trading day of 2013 in a rally seen as a sigh of relief that President Obama and Congress were able to avert the so-called fiscal cliff and an immediate economic downturn.
The Dow Jones industrial average surged 308.41 points, or 2.4%, to 13,412.55 on Wednesday — the best one-day rise in more than a year. Wall Street followed rallies in European and Asian equities markets after Washington's last-minute fiscal deal late Tuesday.
The broader Standard & Poor's 500 index rose 36.23 points, or 2.5%, to 1,462.42. It was the S&P's best first-trading-day jump since 2009, according to Howard Silverblatt, senior index analyst for S&P Dow Jones Indices. The technology-heavy Nasdaq composite index gained 92.75 points, or 3.1%, to 3,112.26.
Though Washington may have averted an immediate downturn, political leaders put off stalemates over broad spending cuts in military and social programs to reduce the country's long-term deficit."
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Showing posts with label fiscal cliff. Show all posts
Showing posts with label fiscal cliff. Show all posts
Wednesday, January 2, 2013
Stocks rally on relief from 'fiscal cliff'
Stocks rally on relief from 'fiscal cliff': "Investors breathed a sigh of relief and pushed stocks sharply higher Wednesday after lawmakers agreed late Tuesday on a deal to avert the 'fiscal cliff' of tax increases and spending cuts.
At one point, the Dow Jones industrial average was up more than 270 points.
Without a deal, automatic spending cuts and tax hikes would have gone into effect, threatening the economy.
The deal doesn't end the battle between lawmakers, as Republicans have vowed to revisit more aggressive spending cuts as the need to boost the country's $16.4 tillion debt ceiling looms in February."
'via Blog this'
At one point, the Dow Jones industrial average was up more than 270 points.
Without a deal, automatic spending cuts and tax hikes would have gone into effect, threatening the economy.
The deal doesn't end the battle between lawmakers, as Republicans have vowed to revisit more aggressive spending cuts as the need to boost the country's $16.4 tillion debt ceiling looms in February."
'via Blog this'
Tuesday, January 1, 2013
Asia stocks at five-month high as fiscal cliff crisis ends | Fox Business
Asia stocks at five-month high as fiscal cliff crisis ends | Fox Business: "HONG KONG – Asian stocks hit a five-month high and the dollar fell as a last-minute deal ended the U.S. "fiscal cliff" crisis that threatened a U.S. recession and roiled world financial markets.
The U.S. Congress approved a rare tax increase on Tuesday that will hit the nation's wealthiest households in a bipartisan budget deal that stops the world's largest economy from falling into recession.
Early on Tuesday the U.S. Senate passed a bill that aims to avoid the cliff's automatic implementation of $600 billion in spending cuts and tax increases.
The bill's passage in Congress allayed earlier concerns over complaints from a number of Republicans that spending cuts were still not adequately addressed.
Asian stock markets cheered the developments as a major risk for investors, namely a slump in global growth, appeared to have receded for now."
'via Blog this'
The U.S. Congress approved a rare tax increase on Tuesday that will hit the nation's wealthiest households in a bipartisan budget deal that stops the world's largest economy from falling into recession.
Early on Tuesday the U.S. Senate passed a bill that aims to avoid the cliff's automatic implementation of $600 billion in spending cuts and tax increases.
The bill's passage in Congress allayed earlier concerns over complaints from a number of Republicans that spending cuts were still not adequately addressed.
Asian stock markets cheered the developments as a major risk for investors, namely a slump in global growth, appeared to have receded for now."
'via Blog this'
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