NEW YORK ( TheStreet) -- Stock futures were soaring Wednesday as risk appetite got a big boost on the first trading day of the year after both the Senate and the House of Representatives passed a bill to avert the "fiscal cliff." Futures for the Dow Jones Industrial Average were up 197 points, or 191.86 points above fair value, at 13,224. Futures for the S&P 500 were up 25.50 points, or 25.06 points above fair value, at 1445. Futures for the Nasdaq were up 52.75 points, or 52.52 points above fair value, at 2708. Tax hikes are still set to take place but to a more diluted degree and unemployment benefits will be extended until the end of the year. Planned spending cuts scheduled to kick in this month are to be postponed for two months. "It sets up another showdown within weeks which has the potential to be even more disruptive given the U.S. debt ceiling must be raised at the same time if technical default is to be avoided," commented Gareth Berry, a currency strategist at UBS. "But for now the conditions seem right for a moderate celebratory rally in risk assets, however brief, and we would be reluctant to fight this just yet." Analysts at Cantor Fitzgerald noted that the markets seemed to be shrugging off the fact that the U.S. did in fact hit its debt ceiling late on Dec. 31, with no rating agencies having spoken out on U.S. debt following the event. Markets were closed Tuesday for the New Year's Day holiday. At 10 a.m. EST, the Institute for Supply Management is expected by economists to say that the ISM Manufacturing Index rose to 50.3 in December from contraction territory at 49.5 in November. At the same time, the Census Bureau is forecast to report that construction spending increased 0.6% in November after jumping 1.4% in October. Gold for February delivery was surging by $11 at $1,686.80 an ounce at the Comex division of the New York Mercantile Exchange, while February crude oil contracts were up $1.49 at $93.31 a barrel.