Around the World's Markets: New York

Saturday 16 January 1999 00:02 GMT

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US STOCKS rose for the first time in four days on optimism Brazil's decision to stop defending its currency will revive its economy and prevent a meltdown in emerging markets.

The Dow Jones gained 219.62, or 2.4 per cent, to 9,340.55, after dropping 3.8 per cent in the two days since Brazil let its currency weaken. American Express, which had $1.6bn at risk in Latin America at the end of the third quarter, led the gain.

The Nasdaq rose 71.38, or 3.1 per cent, to close at 2,348.20.

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