LIVE VIDEO: Channel 3 News Today    Watch
 

Stocks surge after last-minute budget deal reached

9:53 AM, Jan 2, 2013   |    comments
Photo by Spencer Platt, Getty Images.
  • Share
  • Print
  • - A A A +

NEW YORK -- Stocks are opening sharply higher on Wall Street after lawmakers averted sweeping cuts in government spending and with a last-minute budget deal.

The Dow Jones industrial average jumped 232 points to 13,336 shortly after the opening bell Tuesday, the first trading day of 2013. That's a gain of 1.8 percent.

The Standard & Poor's 500 index shot up 29 points, or 2 percent, to 1,455. The Nasdaq composite rose 82 points, or 2.7 percent, to 3,102.

Investors have been keeping a close eye on the budget stalemate in Washington and were relieved that a deal was reached. However the late-night budget agreement leaves many issues unresolved and it remained unclear how long the market rally would last. Next up is a fight over the government's borrowing limit.

Associated Press

Most Watched Videos