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Tuesday 29 June 1999 23:02 BST

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STOCKS CLOSED sharply higher yesterday after a big drop in new home sales in May calmed Wall Street's jitters that the Federal Reserve would embark on a series of interest-rate hikes.

The Dow Jones industrial average was up 160.20 points, or 1.50 per cent, at 10,815.35. In the broader market, advancing issues beat declines 1,829 to 1,111 on active volume of 811 million shares. The Nasdaq composite index gained 39.67 points at 2,642.11.

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