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Around the World's Markets: New York

STOCKS WERE mixed, giving up most of gains. Philip Morris sank after President Clinton vowed in his annual State of the Union speech to Congress to sue tobacco companies to recover the cost of treating smoking- related diseases. Microsoft led a rally in computer-related shares, but Internet-related shares fell.

The Dow Jones average fell by 19.31 points to 9,335.91, after a 125-point gain. The S&P 500 rose 4.61 to 1,256.61, and the Nasdaq Composite rose 7.33 to 2,415.57, after reaching a record 2,474.78.