Bear Stearns shares drop 50 percent on liquidity issues
NEW YORK |
NEW YORK (Reuters) - Bear Stearns Inc BSC.N shares fell 50 percent on Friday, on news the bank's liquidity position had deteriorated significantly in the last 24 hours, prompting it to secure financing from JPMorgan Chase (JPM.N) and the Federal Reserve Bank of New York.
Shares fell to $28.59 on the New York Stock Exchange.
(Reporting by Kristina Cooke; Editing by Theodore d'Afflisio)
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