Fed holds rates at 5.25%; Dow rallies to record high
CBS News
Transcript
[Music] no surprises from the Federal Reserve the Central Bank left short-term interest rates unchanged for the seventh straight time at 5 and a quar per. in its decision the FED said it is concerned about weak economic growth but that inflation Remains the main risk to the economy investors took that as a sign the FED won't be cutting interest rates anytime soon well after an initial drop stocks rallied and the Blue Chips resumed their record run the Dow up nearly 54 points to an all-time high the NASDAQ Composite Rose about 4 and a half Toyota is keeping its foot on the accelerator the Japanese automaker posted a 9% jump in first quarter profits and chalked up its seventh straight year of record sales last quarter Toyota outsold GM for the first time ever putting it on track to become the world's number one automaker a slightly Rosier picture for the housing market mortgage applications Rose for the third straight week driven by demand for both purchases and refinancings but lenders have been toughening their standards so while applications may be on the rise rejections may also be climbing that's your money watch click on cbsnews.com for more in New York I'm Alexis christopherus