Blue chip stocks bounced back in New York last night, wiping out the effects of an earlier sell off. The Dow Jones average ended 55.51 points higher as a result at 9,040.95. The technology-oriented Nasdaq composite also closed higher at 1,640.06, a gain of 17.26 points, or 1.06pc. The rises came despite a drop in US construction spending (see earlier story). Also, the US Institute of Supply Managers' index rose to 49.8 in June, up from 49.4 in the previous month. However, economists had been expecting a rise to 51.5. //www.fxcentre.com