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Article updated: 10/10/2013 3:52 PM

Wall Street rallies as U.S. default threat eases

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Specialists look at screens Thursday at their post on the floor of the New York Stock Exchange. Stocks rose sharply following hopeful signs that a deal to raise the debt ceiling was imminent.

Associated Press

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"Congressmen and women are coming to terms with how calamitous it would be if the debt ceiling was not raised," said Joseph Tanious, Global Market Strategist for J.P. Morgan Asset Management. "Cooler heads are prevailing."
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