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Thursday 03 June 1999 00:02 BST

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THE NASDAQ index staged a late-day rally, led by Cisco Systems and Intel as investors concluded the index's 8.5 per cent decline in the past six weeks was overdone, given the outlook for earnings.

"This is bargain hunting - some of these stocks had just gotten battered,'' said one analyst.

The Nasdaq gained 20.36 to 2,432.39, recovering from a 47-point loss.

The Dow Jones fell 18.37 to 10,577.89. The Standard & Poor's 500 index rose 0.55 to 1294.81.

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Around the World's Markets: New York

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