Today in the news: Fiscal cliff deal leads to stock market surge

Staff Writer
Mount Shasta Herald

News to know

The stock market has surged after the news broke that Washington legislators had reached a deal to avoid the fiscal cliff. The Dow gained roughly 308 points and oil and gold prices posted gains as well. While the US dollar has gained some strength, it is still weaker than the Euro and British pound. Nasdaq spiked 2.7 percent, while credit card companies Visa and Mastercard hit all-time highs. While America's financial situation has temporarily been stabilized, automatic spending cuts are still set to take effect March 1 and the debt ceiling also must be raised, promising more Washington negotiations.

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Quote of note

"There is only one group to blame for the continued suffering of these innocent (storm) victims - the House majority, and their speaker, John Boehner." - Chris Christie, governor of New Jersey, blaming fellow Republican John Boehner for delayed federal disaster aid money. Christie said it is unliekly that House members will vote on the relief package before a new Congressional session begins. Boehner has said he will make the relief package a priority after the new Congress is sworn in.

- GateHouse News Service