Around the World's Markets: New York

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THE DOW JONES was trading modestly higher by mid-afternoon, with investors shifting out of the major blue-chips and into smaller cyclical stocks. Gains in the manufacturer Caterpillar and the chemicals group DuPont helped the Dow up 35 points to 10,447 in a heavy trading session.

"Money is shifting out of some of the largest 50 stocks and moving into those with more visible earnings growth. The shift is breathtaking in its swiftness and power," said one analyst.