Market Report - New York

Blue chip stocks rose sharply yesterday after a long-awaited international financial aid package was approved for Brazil.

But the technology-laden Nasdaq fell slightly as investors took profits for a third consecutive day amid worries that the Federal Reserve might not lower interest rates again this year.

The Dow Jones industrial average finished up 89.85 points - 1% - at 8,919.59.

Broader stock indexes were also higher.

Investors are waiting for the Fed's policy-making meeting next Tuesday, when it will decide whether to cut short-term interest rates for a third time since late September. The Standard and Poor's 500 increased 7.46 to 1,112.15, and the technology-heavy Nasdaq composite index fell 3.82 to 1,847.24.

Declining issues outnumbered advancers by a narrow margin on the New York Stock Exchange, with 1,498 up, 1,509 down and 494 unchanged.

NYSE volume totalled 600.50 million shares.