US stocks mixed

Stocks staggered to a mixed finish today after US Federal Reserve Chairman Alan Greenspan told a congressional committee the economy is strong, a sign that the central bank is likely to continue raising interest rates.

Mr Greenspan also told the Senate Banking Committee that while inflation is not an immediate threat, it remains something policymakers must guard against.

His remarks seemed to support the views of many economists that the Fed will likely stick with its policy of raising interest rates at a gradual pace. The dollar firmed against other currencies, gold declined and Treasuries weakened, but stocks stalled as investors tried to discern how far the rate tightening would go.