Around the world's markets: New York

THE DOW bounced back late yesterday, but only after a day of exaggerated rises and falls, and few analysts saw any underlying strength. "This is just an oversold bounce: I think it's a rally in a declining market," said Michael Metz, managing director of CIBC Oppenheimer.

The Dow closed up 59.47 at 8,546.78. Volume was the second-heaviest ever: 856 million shares changed hands. Seven buy and eight sell programmes fuelled the rollercoaster ride.