Around the World's Markets: New York

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US STOCKS fell as the Russian debt swap plan forced investors to take huge losses, adding to concerns that instability in emerging markets will slow US corporate profit growth.

The Dow Jones fell 62.8 points to 8,539.8 by early afternoon US time. However, Adobe Systems bucked the downward trend, rising as much as 9.4 per cent after rejecting an unsolicited bid from a rival desktop publishing software maker, Quark.