Around the world's markets: New York

WALL STREET stocks fell, with investors hounded by fears of economic slowdown and finding little solace in signs that Japan may finally be getting to grips with its ailing banking system.

Wall Street's inability to mimic the sharp gains in Tokyo overnight was worrying, as market leaders such as top-tier technology stocks suffered their third straight hammering

The Dow closed off 1.29 points at 7,741.69. The Nasdaq closed off 48.28 points, or 3.2 per cent, at 1,462.61, a 15-month low.