Around the World's Markets: NEW YORK

Friday 16 October 1998 23:02 BST

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THE DOW posted its biggest weekly point gain in history after the surprise cut in interest rates on Thursday. Battered sentiment was also buoyed by expectations of further rate cuts and hopes that third- quarter earnings may not turn out as bad as feared. The Dow Jones Industrial Average ended up 117.40 points at 8,416.76, its best close since Aug 26.

The Nasdaq closed up 9.94 points at 1620.95. The tech-laden index gained 128.46 points, or 8.6 per cent for the week.

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