Around the World's Markets: New York

US STOCKS rose, led by computer and drug shares, after two weeks of losses left shares inexpensive given the outlook for earnings, even if the Federal Reserve raises interest rates.

Microsoft, Cisco Systems and Intel led the Nasdaq index to its biggest rally in six weeks. It jumped 75.02, or 3 per cent, to 2,478.34, its steepest climb since 22 April.

The Dow Jones index climbed 136.15, or 1.1 per cent, to 10,799.84.