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Around the World's Markets: New York

THE NASDAQ composite index closed above 3,000 for the first time, climbing 1.6 per cent to end at 3,028.5 as technology stocks continued to roar higher.

The blue-chip Dow Jones rose 27.2 to 10,609.1, boosted by the news that drug giants AHP and Warner-Lambert were in merger talks that could lead to a $65bn deal. The benchmark long bond gained $132 to yield 6.14 per cent. Traders said some investors were still cautious ahead of key payroll figures due tomorrow.