Around the World's Markets: NEW YORK

Monday 19 October 1998 23:02 BST

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US STOCKS rose for the sixth time in seven days on optimism that Federal Reserve interest rate cuts will keep the US economy out of recession. Banks and small stocks led the gains.

The Dow Jones Industrial Average rose 49.69, or 0.6 per cent, to 8466.45. The Standard & Poor's 500 Index gained 5.97, or 0.6 per cent, to 1062.39, and the Nasdaq Composite Index jumped 27.78, or 1.7 per cent, to 1648.73.

US bonds were little changed, leaving yields not far from three-decade lows.

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