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Wall Street bounces back, halts skid

NEW YORK, Jan. 23 (UPI) -- Worries of a bear market and a decline in global markets did not ruffle Wall Street Wednesday, as U.S. markets put the brakes on early losses and bounced back.

The Dow Jones industrial average began with a slump, down more than 326 points during the day, then ricocheted back for a strong finish, ending the day 298.98 points higher at 12,270.17, a 2.5 percent gain.

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Nasdaq listings, flirting with bear-market posturing, were down more than 20 percent below Oct. 2007, but finished the day up 1.05 percent, or 24.14 points at 2,316.14.

The day done, Nasdaq, averted the bear label by 0.6 percent, now standing 19.4 percent off its Oct. 2007 position.

Standard & Poor's 500 listings rose 2.14 percent, or 28.10 points at 1,338.60.

Volume on the New York Stock exchange exceeded 2.4 billion shares, with 1,379 stocks up and 1,765 down. The 10-year Treasury bond fell 30/32, yielding 3.355 percent.

The dollar fell in global trading. The euro changed hands at $1.4626 compared with $1.4620 late Tuesday while the dollar traded at 106.40 yen compared to late Tuesday's 106.48 yen.

The London FTSE 100 Index dropped 1.4 percent to 5,659.40. In Japan, the Nikkei 225, after a fall of 5.7 percent Tuesday, posted a 2 percent gain, up 256.01 points to 12,829.06.

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