Stocks open sharply higher on Wall Street as a last-minute budget deal avoids fiscal crunch

  • Article by: Associated Press
  • Updated: January 2, 2013 - 11:38 AM
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Traders worked on the floor at the New York Stock Exchange in New York, Wednesday, Jan. 2, 2013.

Photo: Seth Wenig, Associated Press

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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.

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