Around the world's markets: New York

CAUTION WAS the watchword on Wall Street. Stocks posted modest gains but ended well below highs as investors sold into the rally. Disappointment over the Russian debt restructuring sent bonds up and stocks down in the afternoon.

The Dow closed up 36.04 points at 8,602.65, 87 points off the session high. The Nasdaq composite ended up 7.06 points at 1,797.88, also losing early gains. The S&P 500 ended up 4.67 points at 1,092.81.