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US stocks gain on tentative border deal

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US stocks gain on tentative border deal

New York: US stocks ended higher as the market has been boosted by a tentative deal by US lawmakers to keep the government open and US Federal Reserve Chairman Jerome Powell’s positive remarks on US economy.

Shortly after the closing bell, the Dow Jones Industrial Average rebounded 372.65 points, or 1.49 percent, to 25,425.76 on Tuesday. The S&P 500 was up 34.93 points, or 1.29 percent, to 2,744.73. The Nasdaq Composite Index rose 106.71 points, or 1.46 percent, to 7,414.62, Xinhua news agency reported.

Shares of Under Armour rose nearly 4.5 percent around the closing bell, as the U.S. sportswear maker reported upbeat fourth-quarter earnings that beat Wall Street estimates.

Most of the blue chips in the Dow notched solid gains throughout the day, which helped pare losses of the Dow on Monday.

Shares of US equipment maker Caterpillar and US chemical giant DowDuPont surged nearly 3 percent and over 2.6 percent, respectively, leading the winners.

Ten of the 11 primary S&P sectors extended gains on Tuesday, with the materials sector up over 2 percent, leading the gainers.

Democrats and Republicans reached a temporary deal on border security funding on Monday night, which has lifted investors’ risk-on sentiments.

Powell said during a forum in Mississippi on Tuesday that the country is continuing to see solid economic growth, according to media reports.

On the economic front, U.S. job openings increased to 7.3 million in December 2018, compared with nearly 6.9 million in November, the Bureau of Labor Statistics said in a JOLTS report on Tuesday.

The report, tracking monthly change in job openings, hiring and quits, is an important indicator to gauge the strength of US labour market.

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