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Stocks surge after Congress passes budget deal

By The Associated Press

This article was originally published January 2, 2013 at 3:35 p.m. Updated January 2, 2013 at 3:40 p.m.

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Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Jan. 2, 2013. The “fiscal cliff” compromise, for all its chaos and controversy, was enough to send the stock market shooting higher Wednesday, the first trading day of the new year.

— Stocks roared higher on Wall Street and around the world after Congress passed a last-minute budget deal to avert sweeping tax hikes and government spending cuts.

The Dow Jones industrial jumped 308 points to close at 13,412 Wednesday, the first trading day of the year. That’s the biggest gain the Dow has had since December 2011.

The Standard & Poor’s 500 index rose 36 points to 1,462. The Nasdaq composite rose almost 93 points to 3,112.

The gains were broad. Ten stocks rose for every one that fell on the New York Stock Exchange.

Technology and bank stocks had the biggest gains.

Car-sharing company Zipcar surged 48 percent after agreeing to be bought by Avis for nearly $500 million.

Volume was heavier than the recent average at 4.1 billion shares.

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