In other economic news, the Commerce Department reported lower than expected demand for June durable goods.
WALL STREET breathed a sigh of relief after Alan Greenspan, the Fed chairman, failed to deliver any surprises in his remarks to the US Senate. By midday the Dow Jones index was up 14 points, or 0.14 per cent, at 10.994 having rallied from a fall of 43 points. "He's basically said nothing new. We have a typical Greenspan market," one analyst said.