31 December 2012 Last updated at 16:21 ET
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(Close): Wall Street shares rose after President Obama said that a deal to avoid the fiscal cliff was in sight.
The Dow Jones Industrial Average closed up 166.0 points, or 1.3%, at 13,104.1, following five days of losses.
It meant that the index was up 7% for the whole year.
The index had been little changed for much of the day, but rose after the president said: “There are still issues left to resolve but we’re hopeful Congress can get it done.”
But he warned that a deal was unlikely before the midnight deadline.
US markets are closed on Tuesday for the New Year holiday, which means they will be unaffected if a deal is done on Tuesday instead of Monday.
The day’s top gainer was Hewlett Packard, which rose 4.2%, although it has been one of the worst performers on the Dow Jones for the year as a whole, dropping about 45%.
BBC News – Business
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