Reuters - Video

EDITION: U.S. | U.K. | IN

Top News

Markets start 2013 with mighty bang

Wednesday, January 02, 2013 - 02:02

Jan. 02 - Summary of business headlines: Stocks surge a day after politicians reach 'fiscal cliff' deal; Avis Budget Group buys Zipcar for $500 b; Judge rules that Amazon can use the word ''app'' for its Appstore; U.S. manufacturing returns to growth; Superstorm Sandy aid held up - Governor Christie blames the House Speaker. Jeanne Yurman reports.

▲ Hide Transcript

View Transcript

Wall Street's 2013 kicked off with a mighty bang. Stocks soared after Congress reached an eleventh-hour 'fiscal cliff' deal The Dow racked up 308 points while the S&P 500 rose 36 and the Nasdaq jumped 92. This marked stocks' best one-day performance in over a year. While the newly crafted legislation sidesteps $600 billion in tax increases, it defers hundreds of billions in spending cuts for another two months. That's when a bigger showdown looms as politicians address the cuts and raising the debt limit. So this rally may be short lived, says. Eric Maronack, Victory NewBridge Capital Management. SOUNDBITE: Eric Maronack, Victory NewBridge Capital Management (ENGLISH) saying: "We averted a crisis for now but that doesn't mean problems are solved. It means issues have been delayed for a couple of months." One of the first merger deals of the year: rental car agency Avis Budget Group is buying ZipCar, a car-sharing service, for a half billion in cash. In a legal brawl between Amazon.com and Apple, a judge ruled that Amazon can use the term "app" for its Appstore selling Android products. Apple argued unsuccessfully that using the word amounted to 'false advertising'. U.S. manufacturing returned to mild growth in December after a surprise contraction the prior month. Employment in particular, notching its highest level in three months. Meanwhile mud was being slung over a delayed vote on $60 billion in federal relief aid for victims of Superstorm Sandy. New Jersey Governor Chris Christie blamed House speaker John Boehner for the hold up. The vote for most of the funding is scheduled for January 15th. Turning to the European markets, resolution on the long-awaited U.S. budget pact sent shares to a 20-month high.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Markets start 2013 with mighty bang

Wednesday, January 02, 2013 - 02:02

Top News »

Editors' Picks »

Most Popular »

Moving Pictures »

Images of November Images of November

Tue, 02 Dec, 2014 - (0:30)

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

Images of August Images of August

Fri, 29 Aug, 2014 - (1:00)

Dateline Asia »

North Korea to blame for Sony hack: source North Korea to blame for Sony hack: source

Thu, 18 Dec, 2014 - (1:10)

China's house prices fall again China's house prices fall again

Thu, 18 Dec, 2014 - (1:10)

China's child labor problem China's child labor problem

Thu, 18 Dec, 2014 - (2:19)

Measuring up North Korea's heir Measuring up North Korea's heir

Wed, 17 Dec, 2014 - (1:03)

Russia worries rock emerging markets Russia worries rock emerging markets

Wed, 17 Dec, 2014 - (1:14)

Seoul raises the "nut rage" stakes Seoul raises the "nut rage" stakes

Tue, 16 Dec, 2014 - (1:03)

Sydney in shock after hostage horror Sydney in shock after hostage horror

Tue, 16 Dec, 2014 - (1:07)

Not all merry and bright in China's manufacturing sector Not all merry and bright in China's...

Tue, 16 Dec, 2014 - (1:29)

Beneath the surface of Abe's big win Beneath the surface of Abe's big win

Mon, 15 Dec, 2014 - (1:15)

Some hostages escape from Sydney cafe Some hostages escape from Sydney cafe

Mon, 15 Dec, 2014 - (1:06)

Reuters Investigates »

Where the sea is closing in Where the sea is closing in

Thu, 20 Nov, 2014 - (3:41)

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:22)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)