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NEW YORK

THE DOW JONES climbed 51 points to 11,032 by midday, driven by technology stocks, with IBM rising 1.5 per cent in heavy trading. The Nasdaq rose 1 per cent to 2,528, shaking off fears about rising interest rates, as the yield on the benchmark 30-year Treasury bond recovered a little, easing worries over company valuations. The T-bond was up 15/32, with the yield easing slightly to 5.79 per cent.

Reports of a possible merger with Texaco saw the oil company Chevron climb $1.13 to $95.88.