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THE DOW reversed an early 100-point fall to end up 119 at 10,794, led by IBM on reports it has developed a faster way to store information. News that pay rises far outstripped productivity gains in the second quarter revived fears the Federal Reserve would raise US rates this month.

Meanwhile, the White House said it had nominated Caroline Parry, a former vice-president at Chase Manhattan and an expert on community lending, to the seven-seat Fed Board.