Stocks Swell on Deal to Avert 'Fiscal Cliff'; Dow Surges 308 Points
NEW YORK (TheStreet) -- Major U.S. stock averages roared Wednesday as global risk appetite surged on the first trading day of the year after the House managed to pass the Senate's 11th-hour agreement on averting the "fiscal cliff."
The Dow Jones Industrial Average surged 308 points, or 2.4%, to 13,413. The blue-chip index had its biggest single-day gain since Nov. 19.
Hewlett-Packard is evaluating the sale of businesses that don't meet goals more than a year after CEO Meg Whitman said she didn't plan to spin off the PC division, according to a Bloomberg report. Shares advanced 5.1% on Wednesday.
Intel's effort to develop an Internet-based TV service and associated hardware is taking longer than expected, people familiar with the company's plans told The Wall Street Journal, in part due to delays in reaching content agreements with media companies. Shares closed up 3.7%.
The vast majority of sectors in the broad market advanced, spearheaded by gains in basic materials, capital goods, technology and financials. Only the health care-sector declined.
Volumes were heavy in the session with 4.16 billion shares swapping on the New York Stock Exchange and 2.1 billion shares on the Nasdaq. Advancers were far outpacing decliners by a ratio of 9.7-to-1 on the Big Board and 6.6-to-1 on the Nasdaq.