Markets start the year on a positive note $VXc1
- Published: 03 January 2013
- Markets started the first trading day of the year on a positive note after a last minute deal by US politicians averted the 'fiscal cliff' and avoided the chance of the US economy slipping into another recession. Both the NASDAQ and S&P500 logged their best gains since December of 2011 while the Dow closed up over 300 points
- Adding to the positive sentiment was the fact that the CBOE VIX Index a measure of market volatility fell 18.53% to below 15.00 on top of yesterday's steep declines
- All S&P500 sectors closed up with the biggest gains seen in techs and financials
- Zipcar spiked nearly 50% on news that Budget Group will acquire them for $500Mil
- US Steel led the gains on the S&P500 jumping 8.55% after a broker update from CS
- Facebook added to gains jumping by 5.19% after JP Morgan raised its price target
- BoA gained after a report indicated they may move to rebuy Warren Buffets stake
- DOW +2.35%, S&P500 +2.54% and NASDAQ +3.07%
- USD was stronger against the EUR while the AUD and CAD managed to make gains
- Gold rose 0.9% while Crude rose slightly on manufacturing and fiscal cliff news
