A major British bank said today it had to arrange emergency funding from the Bank of England to ensure it had enough cash to keep operating, an announcement that forced European stock exchanges lower and reverberated on Wall Street as well.
The announcement that England's central bank had moved to bail out one of the country's largest mortgage lenders combined with a tepid report on August retail sales to initially deflate U.S. markets. The Dow Jones industrial average was down 80 points in its opening minutes but had erased those losses after the first hour-and-a-half of trading.
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