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Around the World's Markets: New York

STOCKS rallied sharply after an inflation report eased fears the Federal Reserve would begin to raise rates. The chief beneficiary was the Nasdaq, which soared 103.17 points, or 4.3 per cent, to 2,517.84, its biggest points gain ever. It was led up by strong earnings data from Compaq.

The Dow rose 189.96 points to 10,784.95, and the S&P 500 climbed 29.25 points to 1,330.41. The dollar had its biggest gain against the euro in three weeks; in late trading it was at $1.0307 from $1.0426.