Around the World's Markets: New York

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The Independent Online
WALL STREET stocks closed higher last night amid some relief that a new fiscal plan in Brazil may be enough to fend off a deeper crisis, but blue-chips still looked tired after their recent sharp gains. The Dow Jones Industrial Average gained 5.93, or 0.7 per cent, to 8,371.97, led by IBM. Nasdaq's composite index rose 19.98, or 1.2 per cent, to 1,737.61.

The bullish bet is that $23.5bn in tax increases and spending cuts in Brazil will stave off a currency devaluation.