The Dow Jones industrial average closed up 113.76 at 8950.59.
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Ind. Terms of the deal announced yesterday were not released. Nortel, a top producer of fiber-optic and other communications equipment, said it will cut about 10,000 jobs, with the remainder eliminated through the sales of assets. The latest round of cuts will reduce its work force to 45,000. The company began the year with almost 95,000 employees. The company said it was still adjusting to the sudden slowdown in the demand for technology, but that business appears to be stabilizing.