Markets Are Rallying After Fiscal Cliff Talks Take ‘A Step In The Right Direction’

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Markets are up early in the European trading session.England’s FTSE 100 is up 0.2%.

France’s CAC 40 is up 0.3%.

Germany’s DAX is up 0.4%.

Spain’s IBEX is up 0.9%.

Italy’s FTSE MIB is up 0.6%.

It’s a quiet morning in Europe.  The big market moving new appears to be coming from the U.S., which seems to be making progress on its fiscal cliff negotiations. 

Late last night, reports circulated that President Obama was making a big concession.  In his latest offer, he reportedly raised the threshold for tax increases to those earning at least $400k, up from $250k.

House Speaker John Boehner’s office reportedly called the offer a “step in the right direction.”