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US stocks soar on news of fiscal-cliff deal in Congress

Published on Jan 2, 2013 10:45 PM
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Traders work on the floor of the New York Stock Exchange on Dec 10, 2012 in New York City. US stocks shot up on Wednesday in opening trade on news of a fiscal-cliff deal in Congress that prevented most tax increases and delayed sharp spending cuts. -- PHOTO: AFP

NEW YORK (AFP) - US stocks shot up on Wednesday in opening trade on news of a fiscal-cliff deal in Congress that prevented most tax increases and delayed sharp spending cuts.

The Dow Jones Industrial Average was up 1.8 per cent in the first minutes of trade, while the Nasdaq Composite topped 2.8 per cent.

The broad-market S&P 500 gained nearly 2 per cent.

In the first trading day of the new year, Wall Street joined a global equities rally celebrating the passage of a bill that avoids the "fiscal cliff" of automatic spending cuts and tax increases.

 
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