Around the World's Markets: New York

TRADING in US shares was extremely light yesterday ahead of the holiday weekend, with investors focusing firmly on today's launch of the euro. In midday trading, the Dow Jones Industrial Average was down 0.6 per cent at 9,217. BankAmerica fell over 2 per cent, on fears that it will report a fourth quarter loss due to its exposure to the hedge fund DE Shaw.

After a rollercoaster year, the Dow is still 17 per cent ahead of this time last year. The Nasdaq has rallied by over 38 per cent.