Around the World's Markets: New York

US STOCKS surged yesterday after the Federal Reserve made no move on interest rates and held its neutral bias, sending a wave of holiday cheers down Wall Street. The Dow Jones industrial average rose 56.27 points to 11,200.54.

The Nasdaq, setting its 56th record of 1999, had its biggest one-day points gain, soaring 127.28, 3.4 per cent, to 3,911.15. "It's up, up and away, with technology leading," said John Davidson of Orbitex Management.