European stock markets posted stellar gains as investors returning from the New Year's break cheered a deal in Washington to avert spending cuts and tax increases widely seen as potentially threatening a U.S. recession.
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The Stoxx Europe 600 index jumped 2% to end at 285.33, the highest closing level since February 2011. The U.K.'s FTSE 100 index advanced 2.2% to 6027.37, while Germany's DAX rose 2.2% to 7778.78. France's CAC-40 gained 2.6% to 3733.93.
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