Business and Finance
THE FED IS POISED to ease interest rates modestly in response to growing evidence of a credit crunch, Greenspan said. The Fed chief also said the agency is working to boost capital rules for banks and to toughen their enforcement.</br></br>Stocks and bonds rallied on Greenspan's statement on interest rates. The Dow Jones Industrial Average jumped 37.13 points to close at 2969.80, a record. The dollar declined.</br></br>---</br></br>GTE and Contel agreed to merge in a $6.2 billion stock swap that would create the biggest local-exchange phone company in the U.S. and combine two large cellular units. Contel's stock soared, but GTE shares slipped.</br></br>---