21.   Anything below that, traders said, was seen as spurring sales.

22.   As a result, some investors may have sold some stocks to boost their holdings of cash before the weekend, traders said.

23.   As the yen declined against the mark, that also helped drag down the dollar against the German currency, traders said.

24.   As world stock markets were pummeled, investors started wondering where to park their money, traders said.

25.   As the new year begins, there are expectations Japanese investors will boost buying of overseas assets such as U.S. Treasury bonds, traders said.

26.   At the same time, the surges raised concern that speculation in stocks is increasing, signaling a possible top in the market, traders said.

27.   Australian stocks rose, helped by the U.S. gain and a smattering of takeover bids, traders said.

28.   Banking and brokerage shares fell on concern that economic strength will lead to higher interest rates, traders said.

29.   Banks may be taking advantage of recent bond gains to generate cash to write off bad loans and offset declines in the stocks they own, traders said.

30.   Bank shares climbed on speculation one or more U.K. banks could be involved in takeover bids, traders said.