Around the World's Markets: New York

ANOTHER LATE afternoon rally in Wall Street propelled stocks higher yesterday after news of a mild increase in consumer prices suggested that the Federal Reserve may raise interest rates only moderately when it meets later this month.

At the close of trading, the Dow Jones industrial average was up 70.29 points - 0.6 per cent - at 11,117.08. The Standard and Poor's 500 rose 13.39 to 1,344.16, and the Nasdaq composite rose 25.96 points to 2,671.24.