The markets are soaring in the first trading session of the year as Wall Street traders breathe a collective sigh of relief that lawmakers finally passed legislation to avert the fiscal cliff. The Dow is up more than 200 points following the deal that averted across-the-board tax increases and spending cuts.

**UPDATE** As of 1:30p ET, the Dow is up 230 points, or 1.76 percent. The NASDAQ has risen more than 70 points today, and the S&P 500 is up about 25 points.

**UPDATE** As of 4:00p ET, the Dow was up more than 300 points.