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Friday 16 October 1998 00:02 BST

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THE DOW JONES Industrial Average ended up 330.58 points, or 4.2 per cent, at 8,299.36, its third-biggest points gain and best close since late August. In percentage terms, however, the gain did not rank in the top 100.

The rally was spurred by the surprise mid-session interest-rate cut by the US Federal Reserve, which also helped the long bond to strengthen. The Nasdaq composite was up 70 points at 1,611. The US Congress budget deal, including $18bn for the IMF, also supported the gains.

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