Around the World's Markets: New York

SHARE PRICES had risen sharply by late morning as hopes mounted for a cut in US short-term interest rates at today's Federal Open Market Committee meeting, dealers said. By the time European bourses closed, the benchmark Dow Jones Industrials Average was up 98.60 at 8,127.4.

McDonald's rose after announcing a $3.5bn share buy-back and saying it expects to meet investors' expectations for the third quarter.

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