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Premarket: TSX, U.S. stocks set for major ‘cliff’ relief rally Add to ...

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Canadian and U.S. stock markets are poised for a major rally this morning on relief that Washington, after much protracted debate, has approved a deal to undo the "fiscal cliff" of tax hikes and spending cuts that would have likely spun the nation back into recession.

U.S. stock futures are up in the 1.3 per cent to 1.7 per cent range, European stocks are up over 2 per cent, and commodities, including copper and crude, are up over 1 per cent. The Canadian dollar is up sharply against the greenback. The U.S. dollar, often seen as a haven investment, is down about 0.5 per cent against a basket of major currencies.

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