A last-minute compromise on the fiscal cliff late Tuesday night sent equity markets soaring Wednesday morning and pushed fixed-income markets lower on a risk-on trade.

The Dow Jones Industrial Average soared over 260 points, or 2%, to 13,366 while the Standard & Poor's 500 Index also jumped 2%, or 28.4 points, to 1,454. The Nasdaq jumped 2.55%, or almost 77 points, to 3,096.

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