Around the World's Markets: New York

Thursday 22 July 1999 23:02 BST

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WALL STREET fell sharply yesterday in reaction to a fresh warning from Alan Greenspan that shares had reached "unsupportable" levels. The Dow Jones index was down 122 points at 10,880.57 by midday, with hi-tech stocks such as Amazon and Microsoft leading the way.

The Fed chairman gave a clearer than expected signal that US rates would soon rise to prevent the economy from expanding unsustainably and pre- empt higher inflation.

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