Wall Street rallies as Obama takes fiscal cliff campaign to the factories

<p>Wall Street has rallied as Barack Obama takes his campaign to raise taxes on the wealthy to the factory floor.</p>

Wall Street's major stock indices rallied at the end of the day's trading yesterday (December 10th) as Barack Obama took his campaign to raise taxes on the wealthy to a factory floor in Michigan.

The president wants to avoid the full force of the fiscal cliff – a basket of tax hikes and spending cuts due to hit the world's largest economy simultaneously in the new year – by getting the most affluent Americans to pay their fair share.

This visit followed meetings with the Republican House Speaker John Boehner at the White House on Sunday, after which Mr Obama said both sides of the communication lines in the debate "remain open".

At the Detroit manufacturing facility, the Democrat leader said he would not compromise on tax rises as part of his budget plans and pledged his government would "make some tough spending cuts on things that we don't need".

When trading ended last night, the Dow Jones rose by a marginal 0.1 per cent to an index value of 13169.8 points, while the Nasdaq climbed by 0.3 per cent to 2986.9 points.

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