Around the World's Markets: New York

THE DOW age turned negative on the US Federal Reserve's announcement which warned of inflation, although interest rates remained unchanged.

Earlier traders said they were not expecting an interest-rate rise, but they did predict that the Fed would abandon its neutral stance and and give an indication on its policy outlook. At midday the market had been up 0.45 per cent at 10,914, with a rally in Hewlett-Packard shares responsible for 80 per cent of the index's rise.