Investors ushered in the New Year by piling into stocks Wednesday, cheering U.S. lawmakers’ ability to reach a last minute deal to avert the fiscal cliff.

“What’s been hanging over the markets for the last couple of months has finally been released,” said Sean Kelly, a managing director at Knight Capital Group. “The rally today is 100% about the end of the fiscal cliff, and people are buying with both hands.”

The Dow Jones Industrial Average gained roughly 308 points, or 2.4%. All 30 Dow stocks showed solid gains.

The S&P 500 rose 2.5%, while the Nasdaq spiked 3.1%. The market finished the day near its highs. Both the S&P 500 and Nasdaq posted their largest percentage increases since late 2011.