Dow sinks 148 on retail warnings; Apple plans cheaper iPhone

CBS News

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[Music] Big sell-off in stocks today. Investors did not like warnings from Home Depot and Sears that the weak housing market was going to hurt their earnings. The Dow lost more than 148 points. The Nasdaq lost more than 30. Stocks also under pressure due to weak sales reports from the nation's retailers today. Federal Reserve Chief Ben Bernani said he's taking his cues from us. Speaking to economists in Massachusetts, the Fed chief said the central bank would be less inclined to manipulate prices if investors, consumers, and businesses expected them to remain stable. Well, the dust has barely settled from Apple's iPhone release a few weeks ago, and it looks like plans for a cheaper version are in the works. The company has filed for a patent to make a slim down device, and analysts say it would cost $300 or less, and that current iPhone runs between $5 and $600. The new version could be out by the end of this year. Sprint Nextel hanging up on complainers. The company told a thousand customers they would be better off going somewhere else. Sprintextel identified subscribers who called customer service centers 40 to 50 times above average. And that's your money watch. For more, click on cbsnews.com. I'm Stacy Tisdale in New York.

Dow nears record ahead of Bernanke speech; Alcoa meets estimates

CBS News

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[Music] when Federal Reserve chairman Ben banki speaks Wall Street listens investors today anxious to hear what the FED Chief has to say about inflation and interest rates he's going to be speaking to Economist in Massachusetts at 1:00 Eastern Standard Time investors also anxious to see if the Dow can make history today and yesterday's trading it closed at 13649 that's just about 26 points off an all-time high the NASA that closing 2670 its fifth gain in a row investors today will have their first chance to react to second quarter earnings reports aluminum giant Alcoa kicked off the season last night with numbers that met expectations shares of Boeing will also get some attention today that stock flirting with all-time highs yesterday in response to the company's new 787 Dreamliner aircraft have you ever tried to use your credit card at a store and been told that you can't on purchases under 20 10 or even $5 The Wall Street Journal says the next time that happens ask to talk to the manager that store is in violation of Rules from both visa and Master Card that obliged them to accept cards regardless of the size of purchases andl say Merchants try to sidestep these rules to avoid fees so you might want to remind them they are in violation for more business news click on cbsnews.com I'm Stacy Tisdale in New York