NEW YORK, NY--(Marketwire - Jan 2, 2013) - U.S. stocks surged to end the year on optimism that a deal will be made to avoid the looming "fiscal cliff" The S&P 500 surged 1.69 percent Monday to end the year up 13.41 percent, which was its largest gain since 2009. The Paragon Report examines investing opportunities in the S&P 500 Index and provides equity research on Bristol Myers Squibb Co. (
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The "fiscal cliff" is a combination of government spending cuts and tax increases set to take effect at the beginning of 2013 unless lawmakers reach a compromise on a new budget deal. President Obama in a statement said that a deal to avoid the fiscal cliff was "within sight" but not yet complete.
"This all makes me hopeful that Congress can at least defuse the ticking time bomb," said BMO Private Bank chief investment officer Jack Ablin. "Any positive news coming out of Washington is going to be taken as pretty bullish among investors who already have very low expectations. Just the fact that Congress can agree on something is worth celebration."
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Bristol-Myers Squibb and Pfizer recently reported that the U.S. Food and Drug Administration have approved ELIQUIS, their anti-clotting drug. "Blood clots in the heart can cause a disabling stroke if the clots travel to the brain," said Norman Stockbridge, M.D., Ph.D., director of the Division of Cardiovascular and Renal Products in the FDA's Center for Drug Evaluation and Research. "Anti-clotting drugs lower the risk of having a stroke by helping to prevent blood clots from forming."
The FDA has also recently approved Johnson & Johnson's tuberculosis drug, Sirturo. Sirturo is the first new drug for the treatment of tuberculosis in 40 years. "The commercial opportunity is very limited," said Pamela Van Houten, a J&J spokesperson. "This is part of our commitment to advance innovative medicines that help address serious public-health issues."
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