Dow slips 53 after topping 14,000; Macy's soars on $24B bid
CBS News
Transcript
[Music] the Dow breaking a five-day winning streak just a day after crossing the Milestone 14,000 level for the first time but failing to close above it Jitters over the subprime mortgage market and tough talk on inflation from Federal Reserve chairman Ben Bernan led to the declines stocks though ending well off their worst levels the Dow Jones Industrial Average down 53 points the NASDAQ giving back 12 points in the session Bernan who began two days of testimony on Capitol Hill said he sees the slumping housing market slowing economic growth for the rest of the year the central bank chief also said that inflation Remains the number one concern at the FED a sign it won't be cutting interest rates anytime soon Macy's could be on The Auction Block shares of Macy's soaring on news that private Equity Firm KKR has reportedly teamed up with Goldman Sachs to make a24 billion bid for the Department Store chain on the economic front the labor department reports consumer Prices rose at their smallest rate in 5 months in June as drivers got a break at the gas pump the core rate of inflation edged up only 2/10 of 1% and biblical action figure dolls are coming to a Walmart store near you the number one retailer says it will start test sales of the toys in more than 400 of its stores nationwide Walmart says there has been high demand for faith-based toys and that's your money watch log on to cbsnews.com for more in New York I'm Claire Lea