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Around the World's Markets: New York

STOCKS WERE sharply lower yesterday afternoon, amid fears of an increase in US interest rates. The Dow Jones was down 158.35 points at 9,241.32 following comments from Alan Greenspan, US Federal Reserve chairman, which hinted at tighter monetary policy.

Investors were switching from stocks to bonds, analysts said, tempted by bond yields at six-month highs. Yields on 30-year US bonds have risen 26 basis points since Mr Greenspan's Humphrey Hawkins testimony.