How does the debt deal affect your family’s finances?

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ST. LOUIS, MO (KTVI)-- How does the deal to raise the debt ceiling affect you and your family's finances?

Wednesday was a good day on Wall Street. Stocks surged for most of the day as rumors of the senate deal began to trickle out.

The DOW closed up 205 points.

The NASDAQ and S&P 500 both added more than one percent.

Traders were clearly pleased that the politicians in Washington came to some kind of a deal to avoid default.

For weeks, there had been economic doomsday predictions if the debt ceiling wasn't raised, everything from a massive drop in the value of 401K's to rising mortgage rates and a tightening of the credit markets.

But now it appears none of that will happen. The past few weeks was just another nail-biting time for anxious investors trying to make sense of it all.

Not only are they short-lived, they're also becoming more common. While most people agree it's no way to run a government, there's no denying that Wall Street is growing a thicker skin and panic trading based on Washington's woes is happening less often.