Markets jump on fiscal deal

Stock markets are reacting well to the end of the fiscal showdown in Washington. Here’s the report from David Jolly and Bettina Wassener of The New York TImes:

Global stocks kicked off the 2013 trading year with a strong start Wednesday, as investors welcomed a deal between President Obama and Congressional Republicans that ended, at least temporarily, an impasse over fiscal policy that had threatened chaos in the new year.

The broad-based Standard & Poor’s 500-stock index leapt 2.1 percent in morning trading. The Dow Jones industrial average jumped 2 percent, or about 260 points, and the Nasdaq composite index climbed 2.5 percent.

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