Around the World's Markets: NEW YORK

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The Independent Online
SHARE PRICES closed sharply lower on profit-taking after yesterday's sharp gains, amid concerns that the failure of the hedge fund Long-Term Capital Management may be the tip of an iceberg of derivative-based losses. The Dow Jones closed down 152.42 points at 8,001.99. The Nasdaq shed 39.93 points to close at 1720.34.

The rout erased much of Wednesday's 257 point gain in the Dow when Federal Reserve chief Alan Greenspan stoked hopes that interest rates might be cut soon.