Around the World's Markets: New York

THE DOW JONES average was virtually flat in early afternoon trade after Federal Reserve chairman Alan Greenspan said rates would rise modestly at the end of June. Traders said the rally on Wednesday foresaw his comments, so no further gains could be made on the back of the announcement.

The Dow was up 7 points at 10,777 in early afternoon after rallying 30 points in the morning. The technology-laden Nasdaq Composite index fared better, up 17 points, 0.7 per cent, at 2,535.