Stocks surge on first trading day of new year on US 'fiscal cliff' deal

  • by: PAN PYLAS and PAMELA SAMPSON , Associated Press
  • Updated: January 2, 2013 - 5:55 AM

LONDON - Markets breathed a huge sigh of relief Wednesday that U.S. lawmakers agreed on a budget deal that will stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession.

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