Stocks surge after Congress passes budget deal

Stocks surge after Congress passes budget deal

Credit: Spencer Platt/Getty Images

NEW YORK, NY - JANUARY 02: A trader works on the floor of the New York Stock Exchange on January 2, 2013 in New York City. A day after U.S. lawmakers reached a last minute agreement to avert the fiscal cliff, U.S. stocks surged as traders around the globe felt renewed confidence over global markets. Shortly after the opening bell, The Dow Jones Industrial Average rallied more than 230 points, or 1.7%. (Photo by Spencer Platt/Getty Images)

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by Associated Press

KREM.com

Posted on January 2, 2013 at 2:20 PM

NEW YORK -- Stocks roared higher on Wall Street and around the world after Congress passed a last-minute budget deal to avert sweeping tax hikes and government spending cuts.

The Dow Jones industrial jumped 308 points to close at 13,412 Wednesday, the first trading day of the year. That's the biggest gain the Dow has had since December 2011.

The Standard & Poor's 500 index rose 36 points to 1,462. The Nasdaq composite rose almost 93 points to 3,112.

The gains were broad. Ten stocks rose for every one that fell on the New York Stock Exchange.

Technology and bank stocks had the biggest gains.

Car-sharing company Zipcar surged 48 percent after agreeing to be bought by Avis for nearly $500 million.

Volume was heavier than the recent average at 4.1 billion shares.
 

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