Around the World's Markets: New York

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STOCKS REBOUNDED as bargain hunters emerged to take advantage of a sharp fall on the back of fresh interest rate worries. By midday, the Dow Jones was up 44 points at 10,718 after shaking off a loss of more than 100 points.

Wall Street, however, was rattled by news that workers' pay rises far outstripped productivity gains in the second quarter of the year, reviving speculation the Fed may raise interest rates this month.