NEW YORK -- Investors poured back into the stock market in the first trading day of 2013, in a rally seen as a sigh of relief that President Obama and Congress were able to avoid going over the "fiscal cliff."
The Dow Jones industrial average surged 308 points, or 2.4%, to 13,413. Wall Street followed surges in European and Asian equities markets after Washington's last-minute fiscal deal.
The broader Standard & Poor's 500 index rose 36 points, or 2.5%, to 1,462. It was the S&P's best first-trading-day jump since 2009, according to Howard Silverblatt, senior index analyst for S&P Dow Jones Indices.
The technology-heavy Nasdaq gained 93 points, or 3.1%, to 3,112.
Though Washington may have avoided a stalemate that many observers say would have led to a recession, political leaders put off decisions over broad spending cuts in military and social programs to reduce the country’s long-term deficit.