NEW YORK (TheStreet) -- U.S. stocks are poised to rise Wednesday after the House of Representatives late Tuesday passed legislation averting the so-called fiscal cliff and sent it to President Obama for his signature.
Passage of the deal prevents automatic tax hikes for most Americans and a host of spending cuts.
European stocks jumped Wednesday on word of the budget deal, while Asian shares ended the trading session with solid gains. Hong Kong's Hang Seng index rose 2.9% to finish at 23,311.89, its highest finish since June 1, 2011. Japanese markets were closed Wednesday and will reopen on Friday.
The economic calendar in the U.S. Wednesday includes the ISM Manufacturing Index at 10 a.m. EST and construction spending at 10 a.m.
U.S. stocks on Monday surged following comments from Obama that a deal to avoid the fiscal cliff was close. The Dow Jones Industrial Average added 1.28%, or 166 points, to 13,104. The blue-chip index gained 7.26% in 2012. The S&P 500 surged 1.69%, or 24 points, to 1426. The S&P gained 13.41% in 2012. The Nasdaq spiked 2%, or 59 points, to close the year above 3,000 points at 3019. The tech-heavy index gained 15.91% in 2012. Markets were closed Tuesday for the New Year's Day holiday.
Live Nation Entertainment's (LYV) Irving Azoff plans to resign as chairman of the concert promoter and will sell 1.7 million Live Nation shares to Liberty Media (LMCA) .
Automakers, including Ford (F) and General Motors (GM), are expected to post December car sales on Wednesday.
High seas and strong winds prevented crews from boarding a Royal Dutch Shell (RDS.A) drilling ship to check for any damage after the large vessel went aground off an uninhabited island in the Gulf of Alaska, The Associated Press reported.
Intel's (INTC) 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV