Around the World's Markets: New York

Saturday 31 October 1998 00:02 GMT

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WALL STREET surged yesterday as fears of a global recession eased. The Dow gained 100 points, or 1.15 per cent, to reach 8,595 by midday.

Traders were encouraged by better-than-expected figures on third-quarter growth showing GDP up by 3.3 per cent year-on-year. Brokers believe the growth will not prevent the US Federal Reserve lowering interest rates if it becomes concerned about a credit crunch. Plans from the G7 nations to combat financial crises also cheered the market.

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