Around the World's Markets: New York

Click to follow
The Independent Online
THE DOW JONES index had its worst percentage decline in more than 10 weeks yesterday on concern that inflation and interest rates are headed higher. Bank stocks such as Wells Fargo Co and Bank One Corp led stocks to their fifth decline in six days.

"When you see interest-rate and inflation concerns rising, stocks come under pressure," said Eric Wiegand, a Philadelphia money manager who helps oversee $50bn for First Union Corp.

The Dow dropped 235.23, or 2.2 percent, to 10466.93.