Around the World's Markets: New York

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The Independent Online
US STOCKS surged in a takeover-fuelled rally, propelling the Dow Jones Industrial Average to a record high and quashing fears that the bull market was over.

The Dow Industrials rose 214.72 to 9374.27, just 625 points shy of the 10,000 milestone. The record was the first since a trading high of 9367.84 on July 20, which preceded a 21 per cent drop. The Dow average has now gained 18.5 percent this year and could be headed for its fourth year of gains above 20 per cent.