Denial Of Greenspan Rumor Spurs Markets

Rumors that Federal Reserve Chairman Alan Greenspan was planning to resign circulated Friday on Wall Street, prompting a denial that cheered financial markets.

There is no evidence the rumors significantly affected markets. However, the denial at about 3:15 p.m. EDT gave Wall Street a boost. Stocks, bonds and the dollar all cut losses. The Dow Jones industrial average rose 40 points after the denial.

Greenspan, 71, began his third four-year term at the helm of the central bank in June 1996.