02 January 2013 21:31 [Source: ICIS news]
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HOUSTON (ICIS)--US chemical stocks rose with the Dow Jones Industrial Average, which increased by 2.35% on Wednesday, a day after Congress avoided the fiscal cliff by passing a bill to prevent automatic tax rises and public spending cuts.
The US House of Representatives approved a bill late on Tuesday to delay $109bn (€82.8bn) in spending cuts for two months, as well as extending existing middle-class tax cuts and tax credits for working families. The bill also raises taxes for the wealthy.
The index closed at 13.412.55, up 308.41 points.
The Dow Jones US Chemicals Index rose 10 points, a 2.58% increase to 398.05.
PolyOne was the biggest winner with an 8.72% gain, followed by Tronox and Spartech, each with increases exceeding 6%.
Other companies with gains of about 5% included Quaker Chemical, Ashland and WR Grace.
Chemical major Eastman Chemical posted a 2.54% boost, while Dow Chemical had a 2.23% gain. DuPont stocks increased by 1.98%, and Praxair stocks were up 2.86%
($1 = €0.76)
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