US market index, the Dow Jones industrial average, has surged 230 points after a budget deal of delayed spending cuts and sharp tax rises averted a fall over a so-called "fiscal cliff".
The Wall Street Journal reports that the Dow Jones shot up 1.8% to 13335 points when the New York Stock Exchange opened.
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.