South African stocks scaled fresh lifetime highs on Wednesday as the US Congress passed a bill to end the “fiscal cliff” that had threatened a US recession and roiled world financial markets.
The Top-40 index is up 1,2% at 35,241,99 and the All-Share rose over 1% to 39,691,39 shortly after the market opened.
Congress provided temporary reprieve by extending lower Bush-era tax rates to all but the nation’s wealthiest households in a budget deal that stopped automatic implementation of $600 billion in spending cuts and tax increases.
SA stocks at lifetime highs on US “fiscal cliff” deal
South African stocks scaled fresh lifetime highs on Wednesday as the US Congress passed a bill to end the “fiscal cliff” that had threatened a US recession and roiled world financial markets.
The Top-40 index is up 1,2% at 35,241,99 and the All-Share rose over 1% to 39,691,39 shortly after the market opened.
Congress provided temporary reprieve by extending lower Bush-era tax rates to all but the nation’s wealthiest households in a budget deal that stopped automatic implementation of $600 billion in spending cuts and tax increases.