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Among individual stocks, shares of Australian mining giant BHP Billiton rose 1.2 percent after the company announced it has agreed to sell its stake in a proposed Australian gas project to Chinese state-owned energy producer PetroChina for $1.6 billion. In Hong Kong, retailer Emperor Watch & Jewellery rose 2.1 percent as investors scooped up shares in anticipation of strong Christmas sales. Wall Street stocks rose Tuesday as investors hoped U.S. leaders would eventually thrash out a budget deal needed to keep a slew of tax increases and spending cuts from hitting the world's largest economy. The longer a U.S. deal fails to emerge to avoid the so-called "fiscal cliff" of automatic tax increases and spending cuts at the start of next year, the more fidgety investors are likely to become. The Dow Jones industrial average rose 0.6 percent to 13,248.44. The S&P 500 gained 0.7 percent to 1,427.84. The Nasdaq composite index rose 1.2 percent to 3,022.30 Benchmark crude for January delivery was up 7 cents to $85.86 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 23 cents to close at $85.79 per barrel on the Nymex on Tuesday. In currencies, the euro fell to $1.2999 from $1.3003 late Tuesday in New York. The dollar rose to 82.58 yen from 82.50 yen.
[Associated
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