Around the World's Markets: New York

US STOCKS soared as Fed chief Alan Greenspan held Wall Street's hand and spoke of speedy action to cushion America's economy from global contagion.Wall Street pounced on Mr Greenspan's comments to mean the Fed will cut interest rates, perhaps as soon as next Tuesday when the rate- setting Federal Open Market Committee meets.

The Dow Jones closed up 257.21 points, or 3.2 per cent, at 8154.41. The Nasdaq rose 62.48 points, or 3.6 per cent, to close at 1760.28.

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