Wall Street extends gains, Dow up 2%

US stocks surged into the New Year, following global cues

US stocks extended their gains on Wednesday, with the Dow up 2%, after lawmakers agreed a deal to avoid massive tax hikes and spending cuts that had threatened to hurt economic growth.

The Dow Jones Industrial Average was up 262.45 points, or 2.00%, at 13,366.59. The Standard & Poor's 500 Index was up 29.79 points, or 2.09%, at 1,455.98. The Nasdaq Composite Index was up 77.45 points, or 2.57%, at 3,096.97.