Fed holds rates; Dow jumps 159 on rate-cut hopes

CBS News

Transcript

[Music] no change that's the word on interest rates from Federal Reserve policy makers after wrapping up a two-day session the FED again pointed to Rising inflation as the greatest risk to the economy but there was some promising news for the Bulls on Wall Street the FED statement suggests that an economic slowdown could reduce inflation pressures opening the door to Future rate Cuts while investors cheered that news which triggered a late day rally on Wall Street the Dow Jones Industrial Average Rose 159 points the NASDAQ Composite up 47 pets killed by tainted food has grown to 13 cats and one dog now a Chicago woman is suing menu food saying it knew the products were contaminated but delayed the recall her cat got sick after eating one of the 95 Brands recalled she's seeking class action status for the lawsuit and fewer people are paying for music CD sales plunge 20% in the first 3 months of the year adding to the battered music industry's Problem of illegal download some 800 music stores closed in 2006 alone that's your money watch click on cbsnews.com for more business headlines in New York I'm Alexis Christoper

Fed holds rates; Oracle profit up 35%, sales top $4B

CBS News

Transcript

[Music] it's decision day for the Federal Reserve fed policy makers wrap up a two-day meeting in Washington and it's widely expected that they'll leave interest rates unchanged at 5 and a qu% but wall Street's recent Wild Ride could lead the FED to throw investors a life preserver in the form of a hint that they'll cut interest rates in the coming months software giant Oracle is in the spotlight after quarterly profits Rose 30 5% and sales surged to over $4 billion and a better than expected housing report helped keep stocks in rally mode the Dow climbed about 62 points the NASDAQ Composite added nearly 14 costume jewelry retailer Claire's is being bought out by a private Equity Firm for over $3 billion Claire's operates about 3,000 stores around the world it sells lowcost costume jewelry and accessories to twins teens and young adults and it's sure to be one expensive breakfast deep pocketed biders are battling to win a breakfast with former Federal Reserve chairman Alan Greenspan it's part of an auction on charitybuzz.com to raise money for a nonprofit Human Rights group breakfast for up to four people with Greenspan carries an estimated value of $5,000 bidding on the charity auction ends April 6th that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus