Around the World's Markets: New York

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WALL STREET rallied in light trading as investors took heart from Japan's moves to stabilise its ailing banks, while seeing an impressive start to the third-quarter earnings season.

A bounce back from oversold levels was not surprising, analysts said. The Dow closed up 101.95 points, or 1.3 per cent, at 8,001.47. It was the Dow's first close above the 8,000 level in two weeks, pushing the blue-chip index back into positive terrain for the year, but still 14 per cent below its July record high.