Article posted: 12/31/2012 4:28 PM

Stocks shoot up as investors bet on ‘cliff’ deal

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A trader wearing "2013" glasses works on the floor at the New York Stock Exchange in New York on Monday. U.S. stocks surged on the last day of the year by the most since 1974 as Congress neared a deal to avert more than $600 billion in tax increases and spending cuts.

ASSOCIATED PRESS

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The stock market shot higher on Monday even as the "fiscal cliff" neared. By the time trading ended, Republicans and Democrats still hadn't reached a budget compromise — but investors were betting that they would.