Around the World's Markets: New York

WALL STREET reversed some of its recent losses ahead of the Memorial Day holiday weekend, with the Dow Jones industrial average up 89 points at 10,557 as European bourses closed, a day after the blue chip benchmark slid 235 points in its largest one day loss of the year.

Analysts said the violent swings have largely been the result of adjustments by institutional investors in the wake of the Federal Reserve's decision to adopt a bias towards higher interest rates.