Around the World's Markets: New York

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AN EARLY rally, inspired by gains across Europe, faded later on, with investors selling into strength.

US stocks gained 150 points in the morning amid speculation that interest- rate cuts around the world would bolster economic growth and corporate profits. But by midday the Dow Jones Industrial Average was up only 20.60 points at 7,746.84, while the Standard & Poor's 500 index was down 0.06 at 988.50. Traders warned problems in world economies would continue to plague markets.