Around the World's Markets: New York

US STOCKS were trading sharply higher yesterday afternoon, with investor sentiment buoyed by comments from Alan Greenspan, chairman of the US Federal Reserve. Giving testimony before the House Banking Committee, Mr Greenspan said the US economy was "the envy of the world". Contrary to market fears, the Fed chairman refrained from hinting at higher interest rates.

In afternoon trade, the Dow Jones Industrial Average was up 98.87 points at 9276.18.