NEW YORK (Reuters) - Wall Street firms and U.S. banks scrambled to raise cash on Wednesday, as U.S. financial markets resumed normal trading after a devastating storm pummelled the U.S. East Coast and closed major markets for two days.
Major banks and investment houses rely on the money markets - a key cash source for financial markets - to finance trading positions and loans they make. Companies sell commercial paper and other short-term debt to money market funds and other investors to fund their inventories and payrolls.
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