Around the world's markets: New York

THE DOW fell Tuesday after the Federal Reserve trimmed interest rates by a widely-expected 25 basis points for the first time in nearly three years to cushion the US economy from financial turmoil overseas. "I think there was an expectation that it could be more than 25 basis points," said Harvey Hirschhorn, chief economist at Stein Roe and Farnham.

The Dow Jones Industrial Average closed off 28.32 points at 8,080.52. The Nasdaq composite closed with a loss of 5.17 points, or 0.30 per cent, to 1,734.05.