Around the World's Markets: New York

Wednesday 30 June 1999 23:02 BST

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US STOCKS and bonds rallied after the Federal Reserve said it is no longer leaning toward raising interest rates, following a quarter- point increase today.

"This takes away the Chinese water torture about when the tightening will end,'' said one analyst. "You could make really good money in the stock market this summer.'' The Dow Jones jumped 155.45, or 1.4 per cent, to 10,970.80, led by JP. Morgan & Co. The Nasdaq index soared 44.01, or 1.7 per cent, to 2,686.12.

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