Around the World's markets: New York

Tuesday 24 August 1999 23:02 BST

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STOCKS HIT record highs after the Fed confirmed market expectations of a 0.25 percentage point rise in US rates, with the Dow Jones index climbing 50 points to 11,349 within 10 minutes of the announcement.

The technology-laden Nasdaq index, meanwhile, rose 51 points to 2771.

"This is no big surprise. We've been waiting for this for weeks. This is good news for the stock and bond markets," said one US analyst.

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