Global stocks soar in sigh of relief on US fiscal deal

Global stocks jumped 2 per cent or more and commodities rallied on Wednesday after US legislators struck a deal to halt a round of automatic fiscal tightening that threatened to push the world’s largest economy into recession.

The deal reached on Tuesday to avert the “fiscal cliff” put off the immediate pain of income tax hikes for almost all US households but did nothing to resolve other political impasses on the budget that loom in coming months, including the debt ceiling.

via Business feed http://www.scmp.com/business/money/stock-talk/article/1118832/global-stocks-soar-sigh-relief-us-fiscal-deal