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Global stocks rise on fiscal cliff hopes
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tock markets rebounded around the world early Monday thanks partly to apparent progress made in talks between President Obama and congressional leaders on avoiding the fiscal cliff. There was a global sell-off last week as investors became increasingly worried that gridlock in Washington would prevent Congress from reaching a deficit reduction deal that would avert $600 billion in spending cuts and tax hikes scheduled to hit on Jan. 1, potentially sending the U.S. economy back into recession. But the mood shifted after congressional leaders left a Friday meeting at the White House expressing confidence they could reach an agreement.

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