Credit: Shutterstock photoMARKET CLOSE
(4.30pm AEST)
Welcome to 2013! The Australian sharemarket had its best start to a new year since 2001, with the All Ordinaries Index (XAO) rising by an impressive 1.2 per cent or 58.3 pts to 4722.9. The House of Representatives in the U.S finally passed the Senate's 'fiscal cliff' bill this afternoon helping to keep the market positive. This was considered to be somewhat of a compromise between the Democrats and Republicans. Tax increases will be introduced but for the higher income earners (+$400,000); whereas spending cuts will be delayed for two months. This would likely leave many Republicans a little dissatisfied and is still considered a temporary solution to avert the risk of falling off the 'fiscal cliff'.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.