Around the World's Markets: NEW YORK

THE DOW JONES index rose more than 100 points in the first hour on hopes of a further cut in interest rates.

Financials led the way although Bankers Trust fell 87 cents to $62.06 following media reports that the chairman had refused to discuss merger terms with Deutsche Bank.

A sharp fall in the Conference Board index of consumer confidence also raised hopes of a cut in interest rates.

Support from the broker Merril Lynch helped IBM.