Wall Street eyes recovery after worst week in four years

CBS News

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[Music] weary investors returned to Wall Street hoping for calmer days ahead the stock market is coming off its worst week in more than four years on fears the economy could be headed for a recession on Friday a late day selloff sent the Dow tumbling 120 points for the week it sank over 4% the NASDAQ slid 36 it fell nearly 6% for the week the Dow is now down about 5% from recent High a drop of 10% means we are officially in a market correction and this week investors will have their hands full pouring through the latest reports on everything from worker productivity to Consumer Credit and the trade Gap they'll be paying special attention to the fed's beige book that's a summary of economic conditions around the country looking for any signs of that possible recession shareholders could soon have more say over how much CEOs get paid a bill before Congress would give shareholders of public companies a non-binding vote to approve the pay and retirement packages of Executives the house is scheduled to hold a hearing on that bill this week the bill was drawn up after CEOs at companies like Home Depot and fizer walked away with huge pay packages that shareholders say they didn't deserve that's your money watch click on cbsnews.com for the latest business headlines in New York I'm Alexis christopherus

Dow falls 63; New Century shares collapse 70% on default fears

CBS News

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[Music] Investors hung on tight for what turned out to be another roller coaster ride on Wall Street. When the dust settled, the Dow finished 63 points lower. The NASDAQ composite sank 27. Walmart could be in hot water with the FBI. The retailing giant fired a systems technician who monitors employee email for intercepting text messages and recording phone conversations without authorization. The FBI is investigating to determine if any federal laws were broken. Fears of a mortgage meltdown had investors heading for the exits. Investors are especially concerned about the health of subprime lenders who give home loans to people with weak credit. Shares of the subprime lender New Century were pummeled down more than 70% or about $10 on fears it will go bankrupt because of a rise in loan defaults and delinquencies. And no appeal for Bernard Evers. The Supreme Court rejected an appeal from the former WorldCom chief who claimed he was denied a fair trial. Ever is currently serving a 25-year prison sentence for his role in the accounting scandal that rocked WorldCom. That's your money watch. Click on cbsnews.com for the latest business headlines in New York. I'm Alexis Christopherus.