Stock Rollercoaster On Bear Stearns Cash Fear
Associated Press
March 14, 2008
NEW YORK (AP) — Stocks plunged early Friday as investors worried that a plan to ease a liquidity crisis at Bear Stearns Cos. indicates how severe credit troubles have become. Each of the major indexes lost more than 1 percent; the Dow Jones industrials fell about 140 points.
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Investors were busy examining the plan from JPMorgan Chase & Co. and the New York Federal Reserve to provide secured funding to Bear Stearns for an initial period of 28 days. The move offers Bear Stearns relief from a sudden liquidity crunch.
Bear Stearns shares fell sharply, dragging down other financial companies. Bear skidded $24.50, or 43 percent, to $32.50.
Stocks showed moderate gains in the early going after a Labor Department report showed the Consumer Price Index remained flat for February. Wall Street has been expecting inflation would show an increase.
But the gains quickly disappeared after investors learned more about how close Bear Stearns appeared to have come to financial implosion.
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