It was a relatively peaceful day in the markets, as all three major indices stayed in positive territory thanks to good news emanating from Washington.
Word got out last night that House Republicans were willing to agree to an extension of the payroll-tax cut and unemployment benefits after the legislation received bipartisan support when passing the Senate. Subsequent to some legislative wrangling, President Obama was able to sign the extension this afternoon.
Investors should expect more drama surrounding the issue, since a full-year extension will need to be agreed upon before March. But for now, everyone can relax through the holiday season knowing that their paycheck won't suddenly get lighter come Jan. 1.
In response to actual deal-making getting done in Washington combined with generally good news on America's economic prospects next year, the Dow Jones Industrial Average
Inside the Dow, the gainers appeared across all industries, with the top two performers, Bank of America and Disney, gaining 2.1% and 1.8%, respectively. On the Nasdaq, we had a herd of rams leading the way. Ram Energy Resources
In all, today's solid market performance means investors can relax and have a wonderful holiday weekend.
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