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Market update: Stocks rally as 'fiscal cliff' deal nears Add to ...

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North American stock markets extended gains in late afternoon trading as evidence mounted that a deal on averting the "fiscal cliff" was rapidly coming together on Monday.

Mitch McConnell, the top U.S. Senate Republican, said talks with Vice President Joe Biden over the past 24 hours were "successful," with agreements reached on all tax issues. Mr. McConnel said a budgetary agreement is now "very, very close," and expects the U.S. Senate to pass the tax portions on the plan.

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