28 min.
Stocks soared on the first day of trading in 2013 after lawmakers agreed a deal to avoid massive tax hikes and spending cuts that had threatened to hurt economic growth.?
Minutes after the opening bell,?the Dow Jones industrial average surged 212 points, or 1.63 percent, at 13,317. The Standard & Poor's 500 Index ?was up 25 points, or 1.82 percent, at 1,452. The Nasdaq Composite Index was up 72 points, or 2.39 percent, at 3,091.?
The gains are coming?after stocks ended 2012 with their strongest day in more than a month, which put the S&P 500 up 13.4 percent for the year, after a flat performance in 2011.?
Late on Tuesday, the House of Representatives voted for a bill that will raise taxes on wealthy individuals and families and preserve certain benefits.?
The vote averted immediate austerity measures, like tax hikes for almost all U.S. households, although it didn't resolve other political showdowns on the budget due in coming months. Spending cuts of $109 billion in military and domestic programs were only delayed for two months.?
"We are looking at a sharply higher open on Wall Street," said Peter Cardillo, chief market analyst for Rockwell Global Capital in New York. "The deal certainly brightens the prospects for economic growth, and traditionally speaking, the first week of the year generally sets the stage for the rest of the year for equities - so this is positive."?
"There is a lot of euphoria out there and I expect, for the next day or two, the market will continue on the upside. We will see money re-entering the market," Cardillo said.?
In 2012, the Dow advanced 7.3 percent, while the Nasdaq climbed 15.9 percent.?
Reuters contributed to this report.?
Source: http://www.nbcnews.com/business/stocks-skyrocket-after-fiscal-cliff-compromise-1C7755880
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