A summer rally was building steam until Fed Chairman Alan Greenspan, in congressional testimony, raised the possibility that the central bank would have to hike short-term interest rates again later this year. Nonetheless, Treasury bonds managed to hold on to about half their gains, and stocks finished the week slightly in the black. The big gains were abroad. On the Pacific Rim, stocks in Hong Kong were up 4.1%, and Australia, 5%. In Europe, German stocks rose 4.1% and French equities, 3.5%.
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