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NEW YORK (AP) - Stocks roared higher on Wall Street and around the world after Congress passed a last-minute budget deal to avert sweeping tax hikes and government spending cuts.

The Dow Jones industrial jumped 308 points to close at 13,412 Wednesday, the first trading day of the year. That's the biggest gain the Dow has had since December 2011.

(Copyright 2013 The Associated Press. All rights reserved.)