Around the World's Markets: New York

WALL STREET seesawed wildly immediately after the Federal Reserve hiked rates by 0.25 per cent. The Dow Jones leapt 60 points within the first two minutes, taking the index to an intraday high of 10,894.71. But the index then plunged to settle up 40 points at 10,806 after 15 minutes.

Chris Dickerson of Global Market Strategists said: "We are going to rally a little bit, but it is going to fall later. The market will eventually run out of steam."