Vice President Joe Biden helped broker the Senate bill. Some House Republicans have been quick to express their dislike for the measure.
HONG KONG (CNNMoney)
The Senate passed a compromise measure Tuesday that would extend the Bush-era tax cuts for the vast majority of Americans and spare tens of millions from the Alternative Minimum Tax.
But the deal, crafted over the long weekend by Vice President Joe Biden and Senate Minority Leader Mitch McConnell, also required approved by the House. After hours of wrangling and debate, that body finally consented to the plan just before Tuesday expired in the U.S. -- but after markets opened in Asia.
All major global markets were closed Tuesday for the New Year's holiday, so indices in Asia and Australia provided the first clues about investor sentiment.
Australia's ASX All Ordinaries index added 1.2%. South Korea's KOSPI gained 1.5% and the Hang Seng in Hong Kong advanced 1.9%.
Tokyo's Nikkei and the Shanghai Composite remain closed for holiday celebrations, but will reopen later in the week.
Investors in the U.S. will get their first shot at reaction when markets open in New York. U.S. stock futures were pointing to a higher open.
Related: Fiscal Cliff: What's in the deal ... what could have been
While the agreement provides some short-term certainty, it leaves a range of big issues unaddressed.
The bill does not resolve the issue of when and how lawmakers raise the debt ceiling, setting up a major showdown in February.
The legislation also creates a new cliff deadline over spending cuts around the same time the debt ceiling will need to be raised.
And tax and entitlement reform, both are key to long-term deficit reduction, are not included in the compromise proposal.
Todd Schoenberger, managing partner at LandColt Capital, said that the immediate reaction on Wall Street will be "positive," but cautioned that the economy still faces significant challenges.
"Considering there are so many headwinds facing the economy, including the debt ceiling negotiation in 60 days, the smart money knows the bullish sentiment will be short-lived," he said. 
First Published: January 1, 2013: 8:06 PM ET
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