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Around the World's Markets: New York

WALL STREET head higher yesterday afternoon after a report showing lower-than-expected manufacturing activity eased inflation fears. By midday, the Dow Jones was up 81 points, or 0.75 per cent, at 10,958 points.

The National Association of Purchasing Management offered some relief from fears the Fed could raise rates to stem inflation. Its index for November was 56.2 versus an expected 56.3 per cent. In October, the measure was 56.6 per cent.