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NEW YORK, Nov 28 AFP

November 29 2012, 08:17AM

US stocks scored solid gains on Wednesday despite concerns that politicians will fail to avert looming tax hikes and spending cuts expected to jolt the economy into recession.

The Dow Jones Industrial Average was up 106.36 points (0.83 per cent) at 12,984.49 in closing trade, snapping two days of losses.

The S&P 500-stock index gained 10.91 (0.78 per cent) at 1409.85, while the Nasdaq Composite added 23.99 (0.81 per cent) at 2991.77.