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Article updated: 1/2/2013 7:04 AM

Markets rally after US ‘fiscal cliff’ deal

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Philippine Stock Exchange President and CEO Hans Sicat, second from right, gestures as PSE treasurer Ma. Vivian Yuchengco rings the bell to signal the start of the first day of trading at Philippine Stock Exchange at the financial district of Makati, south of Manila, Philippines on Wednesday Jan. 2.

Associated Press

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Markets breathed a huge sigh of relief Wednesday that U.S. lawmakers agreed on a budget deal that will stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession.

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