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NEW YORK (AP) - Another stunner from Wall Street on Friday sent the dollar to record lows against major currencies as U.S. banker Bear Stearns Cos. acknowledged it was in dire financial straits.
The euro traded for an all-time high $1.5687 Friday, while the dollar — which has repeatedly hit record lows this week — fell below the Swiss franc for the first time ever. Meanwhile, the dollar hit its lowest point against the Japanese currency in 12 years.
The U.S. government and JPMorgan Chase & Co. bailed out Bear Stearns Cos. Friday, a last-ditch effort to save the investment bank after a week of denials that it was in trouble. JPMorgan Chase is providing secured funding to Bear for 28 days, backstopped by the Federal Reserve Bank of New York.
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