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Originally published January 2, 2013 at 6:42 AM | Page modified January 2, 2013 at 7:44 AM

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Stocks surge after last-minute budget deal reached

Stocks are opening sharply higher on Wall Street after lawmakers averted sweeping cuts in government spending and with a last-minute budget deal.

The Associated Press

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Stocks were up 16% last year. Up big today. Gotta love those 0.05%... MORE
Wall Street can only see the short term just like the politicians. That's a recipe for... MORE

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NEW YORK —

Stocks are opening sharply higher on Wall Street after lawmakers averted sweeping cuts in government spending and with a last-minute budget deal.

The Dow Jones industrial average jumped 232 points to 13,336 shortly after the opening bell Tuesday, the first trading day of 2013. That's a gain of 1.8 percent.

The Standard & Poor's 500 index shot up 29 points, or 2 percent, to 1,455. The Nasdaq composite rose 82 points, or 2.7 percent, to 3,102.

Investors have been keeping a close eye on the budget stalemate in Washington and were relieved that a deal was reached. However the late-night budget agreement leaves many issues unresolved and it remained unclear how long the market rally would last. Next up is a fight over the government's borrowing limit.

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