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Friday 14 May 1999 00:02 BST

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THE DOW JONES Industrial Average rose 106.82 or 0.9 per cent, to a record 11,107.19, with IBM and JP Morgan contributing most to the gain. IBM had earlier said that it is getting a quarter of its sales from Internet-related businesses, and the computer giant forecast surging demand.

The Nasdaq Composite Index declined, pulled lower by Internet shares such as Yahoo!, by 24.54 to 2,582 - erasing a 26-point gain.

The Standard & Poor's 500 Index advanced 3.56 to a record 1367.56.

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