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Stocks rally on news of deal on debt, US shutdown

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A last-minute deal to keep the US from defaulting and reopen government offices sent stocks soaring. The S&P 500 set a record. All 10 main industries in the index gained at least 0.6%, with financial shares rising the most. A month of political gridlock had threatened to make the US a deadbeat and disrupt global markets. If the deal wraps up soon, investors can turn back to basics like profits and the economy. Corporations have begun to report third-quarter earnings, but the Street has been glued to the budget brinksmanship. Overall, S&P 500 profits are forecast to grow 3.1% from a year ago, slower than in the first two quarters.

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