Around the World's Markets: New York

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US SHARES fell for a second day, led by the computer giant IBM, amid deepening concerns about the outlook for corporate profits.

In afternoon trade, the Dow Jones Industrial Average was trading down 172.5 points - or 1.9 per cent - at 9091.58. The fall in shares in IBM, which reported a drop in hardware sales, accounted for more than a third of the Dow's decline. The Nasdaq Composite Index was trading down 9.51 points at 2335.21, bouncing back from a 40-point decline as Internet stocks rallied.