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Possible Cliff Compromise Just a First Step

Even if Congress can expediently pass Monday's compromise on tax rates, big hurdles on entitlements, the debt ceiling, and possible further tax-code revisions await, says Morningstar markets editor Jeremy Glaser.

Jason Stipp: I'm Jason Stipp for Morningstar.

Stocks rallied on Monday as Congress made progress on cobbling together a plan to avert the so-called fiscal cliff.