While you were sleeping Stocks embrace budget deal

Wed, 02 Jan 2013

By Margreet Dietz Jan 3 (BusinessDesk) - Equity markets on both sides of the Atlantic rallied on the first day of trading in 2013, buoyed by a US budget agreement that eliminated tax increases that might have tipped the world's No. 1 economy into recession. In afternoon trading in New York, the Dow Jones Industrial Average gained 1.67 percent, the Standard & Poor's 500 Index climbed 1.74 percent, and the Nasdaq Composite Index rallied 2.16 percent. “We’re re-valuing the market based on what’s closer to the underlying economy and most of the...

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