News Summary: The market throws a New Year's party

News Summary: Stocks zoom higher after 'fiscal cliff' compromise, even with all its problems

Associated Press

THE CLIFF COMPROMISE: All the major U.S. stock indexes shot higher on Wednesday after politicians hammered out a compromise on the government's budget.

HAPPY NEW YEAR: The Dow jumped 308.41 points. That was its biggest point gain on the first trading day of a new year in history, beating the jump of 265.88 points on Jan. 2, 2003, according to S&P Dow Jones Indices.

REVVING THE ENGINE: Zipcar's stock soared nearly 48 percent, up $3.94 to $12.18, after announcing it would sell itself to rental car company Avis.

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