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    Obama wins the fiscal battle but not yet the war

    euronews (in English)

    by euronews (in English)

    US stocks kicked off the new year with their best day in over a year on Wednesday.

    The rally was prompted by relief over a last minute deal to avoid the so-called "fiscal cliff" - a hard-core programme of tax hikes and spending cuts that threatened to derail any growth in the economy.

    The Dow Jones closed up 2.4%, while European shares were up about 2% for the day.