Stocks start 2013 with broad gains

Stocks start 2013 with broad gains

Posted in the Denver Forum

“The (R)ich Party Lies!”

Since: Jan 10

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#1 Jan 2, 2013
Its the largest increase in the Stock Market since late 2011.

"For at least the first day of trading, 2013 is proving to be a very good year.

Investors ushered in the New Year by piling into stocks Wednesday, cheering U.S. lawmakers' ability to reach a last minute deal to avert the fiscal cliff.

"What's been hanging over the markets for the last couple of months has finally been released," said Sean Kelly, a managing director at Knight Capital Group. "The rally today is 100% about the end of the fiscal cliff, and people are buying with both hands."

The Dow Jones Industrial Average gained roughly 308 points, or 2.4%. All 30 Dow stocks showed solid gains.

The S&P 500 rose 2.5%, while the Nasdaq spiked 3.1%. The market finished the day near its highs. Both the S&P 500 and Nasdaq posted their largest percentage increases since late 2011.

Financial shares posted broad gains, with Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500) and Wells Fargo (BWF) rising between 2.5% and 4.5%. Credit card companies Visa (V, Fortune 500) and MasterCard (MA, Fortune 500) both hit all-time highs.

Tech stocks also fared well, with Apple (AAPL, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500) logging big increases.

Oil and gold prices rallied too. The dollar, however, was mixed, gaining against the yen but weakening against the euro and British pound.

As investors shifted into riskier assets, safe havens, such as U.S. Treasuries, sold off, with the yield on the 10-year note rising to 1.84%-- a level not seen since mid-October. "

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