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US shares rise as 'fiscal cliff' deal passes

A LAST-minute deal will keep the US from driving off the so-called "fiscal cliff," but higher taxes and continued political fighting in Washington threaten to shake the fragile economy well into 2013.

A bill passed by Congress late on Tuesday averts widespread tax increases and delays deep spending cuts that had threatened to return the country to recession.

Investors around the world breathed a collective sigh of relief after the biggest near-term stumbling block for the world economy had been cleared.

At midday local time on Wall Street, the Dow Jones industrial average was up a hefty 223 points, or 1.7 per cent.

Broader stock averages also jumped.


Read more at News.com.au



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