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Tuesday, January 1, 2013

Wall Street ends 2012 riding high on "cliff" deal optimism

Monday rally closes out year of index gains from 7% to 16%

The markets closed out the year in rally mode amid hopes lawmakers will be able to finalize a deal to avert the fiscal cliff. Despite a tumultuous year-end run, the major market averages all tacked on solid gains for 2012. 
The Dow Jones industrial average (DJIA) gained 166.03 points, or 1.28 percent, to end at 13,104.14. The Standard & Poor's 500 Index gained 23.76 points, or 1.69 percent, to finish at 1,426.19. The Nasdaq Composite Index gained 59.20 points, or 2.00 percent, to close at 3,019.51. For every stock falling six gained on the New York Stock Exchange, where almost 732 million shares traded. Composite volume neared 3.2 billion.
The Dow rose 7.3 percent in 2012 and the Nasdaq climbed 15.9 percent. The S&P 500 closed out 2012 with a 13.4 percent gain for the year, compared with a flat performance in 2011. 
Market Gurus' Quotes
"My personal skepticism, I don't trust anything out of Washington until it is signed, sealed and delivered, and it is not signed, sealed and delivered."
“It is a little like trying to catch the flu so you can drop 20 pounds, There are better ways to go about it.”
"The worst news could have been the president coming out and saying, 'We don't have a deal and we've giving up,' and he didn't say that."
"It seems only fitting that politics, which have shaped the investment climate to such a large extent this year, dominates on this last day of 2012." 
“Don’t be overzealous in the new year. It’s better to start off conservatively and see if you can handle it before taking on more trades. It ain't over yet."

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