Walmart drops bank bid; consumer sentiment lowest since Sept
CBS News
Transcript
[Music] and about face for Walmart the retail giant has dropped its request to open an in-house Bank after the FDIC said it would delay a decision on its application for at least another year Walmart will continue to provide financial services including check cashing and branded credit cards but it will not be able to offer things like mortgages and home equity lines of credit consumer sentiment fell in March to the lowest level since September as consumers were pummeled by higher gas prices a week stock market and news of rising foreclosures trying to learn from past problems Jet Blue has canceled some 200 flights in and out of the Northeast because of a big storm in that region the lowcost carrier has been under pressure since its meltdown during last month's ice storm that left hundreds of passengers stranded on the tarmac for hours other airlines including Delta American and Northwest are following suit cancelling hundreds of flights in their region stocks gave up early gains as investors wrestled with new signs of growing inflation the Dow Jones Industrial Average down 49 points the NASDAQ Composite off six retail inflation surged a larger than expected 41 of a percent in February higher prices for gas and food led the way the report all but eliminates hope that the Federal Reserve will cut interest rates at next week's meeting and that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus