Around the World's Markets: New York

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THE DOW JONES average closed down 59.85 points to 10,853.47 on investor fears of rising interest rates. The Standard & Poor's 500 index was up 1.69 points to 1,339.49 and the Nasdaq Composite finished the day at 2,561.84, up 33.98.

General Motors was the biggest loser in the Dow Jones after an analyst said that competition would cut into the car maker's sales. "These are fairly dangerous times," said Eric Barden, a money manager at Texas-based First Austin Capital Management.