Fed rate-hike fears and oil spike sink Dow 96
CBS News
Transcript
[Music] renewed fears of an interest rate hike by the FED gave investors a reason to sell speaking before Congress Wednesday Ben banki said inflation remains quote uncomfortably High suggesting the fed's next move may be to actually raise interest rates that coupled with another spike in oil prices made for a selloff on Wall Street the Dow sank 96 points the NASDAQ Composite tumbled 20 for the fourth year in a row New York University beat out Stanford even Harvard as the dream School of choice for students experts say it reflects a change in students tastes towards schools with big Urban campuses while the subprime mortgage meltdown may not have spread to the overall economy but it does seem to be impacting the overall mortgage Market mortgage applications declined last week as lenders scrutinize their applicants more closely and clamp down on loans to people with weak credit more more changes coming to Federated the owner of Macy's in Bloomingdale says it will change its stock symbol to M on the New York Stock Exchange when it officially changes its name next month to Macy's and Ford is jazzing up its cars and trucks signing an agreement with Sony to offer Sony branded systems in all of its Vehicles starting next year it's part of a growing Trend as car makers beef up their Tech offerings to draw in new customers that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus