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Futures jump sharply higher on budget deal

NEW YORK (AP) — Stock futures are moving sharply higher after a Congress ended a budget stalemate and averted the so-called fiscal cliff.

Dow Jones industrial futures are up 178 points to 13,205. The broader S&P futures have added 22.7 points to 1,442.80. Nasdaq futures are up 44.25 points to 2,699.50.

The deal, reached just before midnight, leaves a host of issues unresolved and it remained unclear Wednesday how long markets would be buoyed by the agreement. Next up is what could turn into a vicious fight over the debt ceiling, or how much the government is allowed to borrow. Obama said he will not negotiate the issue.

Also on Wednesday, Avis said it will buy Zipcar for about $491 million, expanding its offerings from traditional car rentals to car sharing services.

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