BoE, UK Treasury Won't Stand on the Sidelines; Announce Steps to Deflect Further Crisis
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According to late-day reports Thursday, the Bank of England will launch a previously unused program to provide at least £5 billion per month into the global financial system, among a number of other steps.
Stocks rallied sharply as rumors from Reuters hit the wires just after 3pm ET, however a lack of specific details and confirmation from officials had traders soon taking profits. The Street got more details just minutes before the closing bell as Chancellor of the Exchequer George Osborne, in his Mansion House Speech, vowed to take joint action with the Bank of England in order to bolster credit. Osborne said the UK Treasury and BoE will "not stand on the sidelines."
The BoE's Mervyn King has said the case for more monetary easing is now growing, and that the Bank will activate an extended collateral repo to meet market strains.
The Dow closed up just north of 150 points to 12,651. The Nasdaq rose nearly 18 points and the S&P 500 closed up 14.
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Stocks rallied sharply as rumors from Reuters hit the wires just after 3pm ET, however a lack of specific details and confirmation from officials had traders soon taking profits. The Street got more details just minutes before the closing bell as Chancellor of the Exchequer George Osborne, in his Mansion House Speech, vowed to take joint action with the Bank of England in order to bolster credit. Osborne said the UK Treasury and BoE will "not stand on the sidelines."
The BoE's Mervyn King has said the case for more monetary easing is now growing, and that the Bank will activate an extended collateral repo to meet market strains.
The Dow closed up just north of 150 points to 12,651. The Nasdaq rose nearly 18 points and the S&P 500 closed up 14.
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