Bernanke dashes rate-cut hopes; Dow falls 96
CBS News
Transcript
[Music] the Federal Reserve chairman all but dashed investor hopes for an interest rate cut speaking before Congress Ben banki said inflation remains quote uncomfortably High suggesting the fed's next move may be to actually raise interest rates bank's comments triggered a selloff in the Dow Jones Industrial Average sank 96 points the NASDAQ Composite gave back 20 more troubles for the leered housing market the FBI says it is among the agencies investigating the homebuilder beaser for possible fraud in its mortgage lending practices and animal rights Advocates are praising Burger King the fast food chain has pledged to begin buying eggs and pork from suppliers that do not keep their animals in cages or crates animal rights groups including Peta applauded the move saying it will send a ripple effect through the fast food industry and Microsoft is souping up the Xbox 360 the new console dub the Xbox 360 Elite will have a 120 gig hard drive and a highdef video connection for folks looking to use the Xbox to download and watch TV shows and movies the elite will sell for about $480 at hit store shelves at the end of April that's your money watch click on cbsnews.com for more in New York I'm Alexis christopherus
Bernanke testifies; home prices fall, Dow drops 72
CBS News
Transcript
[Music] investors will be watching Capitol Hill today as fed chairman Ben banki testifies before the joint economics committee banki is expected to be asked about the subprime mortgage market and the overall housing market Wall Street will be looking for any clues that troubles in the housing market are dragging down the rest of the economy meantime home prices continue to fall the snp's housing index for January found single family home prices fell the most in more down about 1% that put pressure on stocks the Dow tumbled nearly 72 points the NASDAQ Composite gave back 18 the defense contractor it has agreed to pay the government $100 million fine after admitting its sold classified night vision technology to China it is the first major contractor convicted of violating the arms export Control Act Now the company will be able to recoup some of that fine by investing in development of more Advanced night vision technology and it's not a happy moment for Kodak the company facing expulsion resigned from the Council of Better Business bureaus the organization says Kodak refused to provide information about the resolution of nearly 200 consumer complaints but Kodak says it left because the Better Business Bureau didn't do anything about so-called inaccurate postings on its website Kodak is the first company to leave the council that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus