After a grisly two days, Knight Capital got a few breaks. Relatively speaking, anyway.
The battered trading firm, whose software glitch briefly sent stock trading into chaos on Wednesday, reportedly got a new line of credit, which was crucial after the company drained its resources to pay for Wednesday’s debacle. The stock, which had shed three-quarters of its value over the previous two days, jumped 57 percent. And many of Knight’s clients, rather than heading for the door, instead closed ranks around the company.
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