U.S. stocks soared on the first day of trading in 2013 after U.S. lawmakers agreed a deal to avoid massive tax hikes and spending cuts that had threatened to hurt economic growth.

The Dow Jones industrial average surged 149.41 points, or 1.14 percent, at 13,253.55. The Standard & Poor’s 500 Index was up 19.17 points, or 1.34 percent, at 1,445.36. The Nasdaq Composite Index was up 74.47 points, or 2.47 percent, at 3,093.98.

Wednesday marked the best day for the Nasdaq since June 30.

(Reuters)