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US stocks rally on Deutsche Bank deal

US stocks rose strongly Friday as financial shares surged on news that Deutsche Bank was near a settlement with US regulators over its sale of toxic mortgage bonds before the financial crisis.

US-traded shares of Deutsche Bank surged 14.0 percent on news that it is near a deal to pay $5.4 billion to resolve the matter, a person familiar with the matter told AFP.

That is much smaller than the $14 billion figure US officials initially targeted that had raised worries about Deutsche Bank's capital position.

The news bolstered shares of US banks especially, after the German's bank's troubles had threatened to spill over into the financial system more broadly. Citgroup and Bank of America both won more than three percent.

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The Dow Jones Industrial Average rose 0.9 percent to 18,308.15.

The broad-based S&P 500 jumped 0.8 percent to 2,168.27, while the tech-rich Nasdaq Composite Index advanced 0.8 percent to 5,312.00.

Dow members ExxonMobil and Chevron rose 1.0 percent and 1.6 percent respectively as US oil prices advanced following Wednesday's agreement of major oil producers to cut output.

Big-box store Costco Wholesale jumped 3.4 percent as it reported that fourth-quarter earnings edged up two percent to $779 million behind a two percent gain in sales to $35.7 billion.

Costco's rivals in retail also climbed, with Wal-Mart Stores gaining 2.0 percent and Target 1.4 percent.

Spice company McCormick climbed 2.6 percent after reporting a 31 percent rise in third-quarter profit to $131.1 million and characterizing consumer demand as strong.