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Special Event

Millennium 2000: Y2K Relief Drives World Markets to Record Highs

Aired January 3, 2000 - 6:10 a.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

COLLEEN MCEDWARDS, CNN ANCHOR: Returning now to our top story, a look at the European markets on this first day of possible computer problems.

Let's go to London where CNN's Todd Benjamin is watching the financial markets for any signs of Y2K-related illnesses -- Todd.

TODD BENJAMIN, CNN CORRESPONDENT: Good morning, Colleen.

Of course, there was a lot of apprehension before this first trading day, but there had also been a lot of preparation, and a lot of money spent, an estimated $306 billion was spent globally making sure that the Y2K problem wouldn't be a problem, and so far everything is running smoothly.

For instance, in Frankfurt, that market is up and running, and everything is moving along very nicely there. There have been no Y2K glitches, a lot of relief that there isn't, and therefore traders are moving in, buying stocks, there's also fund managers buying for the year 2000. And overall, it's a very good morning on Frankfurt's market, as it is in Paris, where also, no Y2K glitches have been reported. And in Asian markets that were open, the same story there, there were no glitches reported.

Let's go to the numbers for you. As you can see, very strong open in Paris. Paris is up 136 points, or at 6094, a very strong gain there. And the Dax is also up very strongly, up 116 points, above the 7000 level at 7073. And Hong Kong also in record territory, up 407 points at 17369.

So, a lot of relief in these world markets that there are no Y2K related problems. And the rally continues where it left off in 1999 in record territory.

Back to you in Atlanta.

LEON HARRIS, CNN ANCHOR: All right, thanks Todd.

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