Around the World's Markets: New York

WALL STREET breathed a small sigh of relief after Alan Greenspan, the Fed chairman, failed to deliver any surprises in his remarks to the US Senate, with the Dow Jones ending off 6.97 at 10,972.07.

After the market closed, Compaq, the world's top personal computer maker, posted a smaller-than-expected $184m net loss of the second quarter, compared with a $3.6bn loss a year ago. The group said it would cut 8,000 jobs and take a $700m- $900m charge in the third quarter.