WASHINGTON: US stocks took off flying on the first trading day of the new year Wednesday after Congress reached a last-minute deal to avert the fiscal cliff which could have sent the economy back to recession.
The S&P 500 soared 2.5 percent as traders shrugged off the specter that a new deficit fight between Democrats and Republicans was just weeks away to go on a buying spree.
At the close the Dow Jones Industrial Index gained 286.87 points (2.19 percent) at 13,391.01.
The broad-based S&P 500 added 36.23 (2.54 percent) at 1,462.42, while the Nasdaq outperformed with a 92.75 point gain, or 3.07 percent, to 3,112.26.
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