Friday, 11 July 2008

NEW YORK (AP) -- Stocks have pared steep losses on reports that the Federal Reserve has told mortgage companies Fannie Mae and Freddie Mac they can borrow money from the central bank if necessary. The Dow Jones industrials, which had been down more than 250 points in the session, have at times moved into positive territory in volatile trading. The Dow is now off 55 at the 11,173 level.  
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