Around the World's Markets: New York

THE DOW clawed back morning losses yesterday after Tuesday's 2.2 per cent slide. By early afternoon the index was down 17.48 points, 0.18 per cent, at 9,654.35. The Nasdaq Composite was little changed at 2,323.17.

IBM, the computer giant, gained on positive broker comment, but other computer-related stocks, including Read-Rite and FSI International, fell on fears over profits. "There is concern we are starting to see a slowdown in tech spending related to 2000," an analyst said.