Around the World's Markets: New York

THE DOW JONES shed early gains to stand slightly down in the early afternoon as traders paused after the recent run towards the 10,000- point level. By mid-afternoon the Dow, which had surged 61 points higher in opening trade, was off 32 points at 9865.

Caterpillar warned that first-quarter profits would come in 50 per cent below estimates because of economic conditions in Latin America, and saw nearly 10 per cent knocked off its value.