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US stocks soar on 'cliff' hopes, housing data

Published on Nov 20, 2012 5:55 AM
 
Traders work on the floor of the New York Stock Exchange during afternoon trading on Nov 19, 2012 in New York City. US stocks surged on Monday on upbeat housing data and hopes that politicians will find a way to avoid the so-called "fiscal cliff" of automatic tax hikes and spending cuts in January. -- PHOTO: AFP

NEW YORK (AFP) - United States (US) stocks surged on Monday on upbeat housing data and hopes that politicians will find a way to avoid the so-called "fiscal cliff" of automatic tax hikes and spending cuts in January.

The jump was underpinned by Apple, the most valuable public company, which took a 7.2 per cent bounce to US$565.73 (S$692.22), following weeks of losses.

The Dow Jones Industrial Average gained a hefty 207.65 points (1.65 per cent) at 12,795.96.

The S&P 500-stock index advanced 27.01 points (1.99 per cent) to 1,386.89, while the tech-rich Nasdaq Composite leaped 62.94 (2.21 per cent) to 2,916.07.

 
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