Wallace scored his third goal of the season to break a 3-3 tie with less than 8 minutes left. Steven Stamkos added two goals and an assist as the Lightning won their second straight.
Dwayne Roloson made 34 saves for the Bolts, who pulled to within seven points of the eighth and final Eastern Conference playoff spot with eight games to play.
New York's Al Montoya turned aside 22 shots.
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