Today in the markets
U.S. stocks surged into the New Year Wednesday after U.S. lawmakers reached a last minute deal to avert the fiscal cliff.
Canadian stocks finished strongly as relieved investors bid up commodity prices in the wake of a U.S. budget deal that prevents an immediate slowdown in the economy.
The S&P/TSX Composite Index gained 107.24 points to 12,540.77, while the TSX Venture Exchange edged up 18.54 points to close at 1,239.84.
Active stocks included credit card companies Visa (NYSE: V, Stock Forum) and MasterCard (NYSE: MA, Stock Forum), which both hit all times high. Visa was up 2.5% to $155.38, while MasterCard Class A shares rose 3.9% to $510.27.
In company news, Avis Budget Group Inc. (NASDAQ: CAR, Stock Forum) announced it will acquire Zipcar Inc. (NASDAQ: ZIP, Stock Forum) for $12.25 U.S. a share -- a 49% premium over its closing price on Monday. Zipcar shares rose 47.8% to $12.18.
In Canada, ArcelorMittal (NYSE: MT, Stock Forum), the world's biggest steelmaker, will sell a 15% stake in one of its Canadian iron ore operations, raising $1.1 billion U.S. to help pay off debt at a time of sluggish demand. ArcelorMittal rose 1.2% to $17.85.
For news about small stocks that made big moves in Wednesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report