The new year opened with a roar across the globe, as lawmakers in the US reached a deal on the nation’s budget. In Asia, the Hang Seng surged 2.9% to 23312, and the Kospi rallied 1.7% to 2031, as Samsung Electronics shares hit an all time high. The Shanghai Composite climbed 1.6% to 2269, and the ASX 200 gained 1.3%.
In Europe, the CAC40 jumped 2.6% to 3734, and the FTSE rallied 2.2% to 6027. Italy’s MIB and Spain’s Ibex both surged more than 3.4%.
The Nasdaq led the gains in the US, catapulting 3.1% higher to 3112. The Dow surged 308 points to 13413, and the S&P 500 rallied 2.5% to 1462.
Unfortunately, the bi-partisan deal did little to address the enormous deficit, and merely postponed $109 billion of cuts for two months.
Budget announced it will purchase Zipcar for $500 million, sending shares of Zipcar up 48% to 12.18.
Currencies
Commodity currencies rallied, as the Australian dollar posted an out-sized gain of 1.1% to 1.0499, and the Canadian dollar gained .7% to .9856. The Yen declined .6% to 87.26, and the euro eased .2% to 1.3183,
Economic Outlook
Ism manufacturing PMI beat estimates, rising to 50.7 from 49.5, while construction spending unexpectedly fell by .3%.
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Equities Surge On Fiscal Cliff Deal
Published 01/03/2013, 05:20 AM
Updated 05/14/2017, 06:45 AM
Equities Surge On Fiscal Cliff Deal
Equities
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