Around the World's Markets: NEW YORK

SHARES STRUGGLED to hold on to gains all day before rallying into the close, as the market continued to digest the Federal Open Market Committee's decision yesterday to move to a rate-tightening bias.

The Dow Jones closed up 50.44 points at 10,887.39, with the Nasdaq up 19.04 at 2,577.40, while the S&P 500 index was up 10.90 at 1,344.20. Dealers said yesterday's statement suggested the policy-making arm of the Fed remains vigilant and is prepared to act against any signs of rising inflation in the US economy.