Dow plunges 146 on subprime fears; Murdoch wins Dow Jones

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investors are bracing for another wild ride on Wall Street stocks were whipsaw Tuesday thanks to fresh evidence that the subprime mortgage mess is spreading stock sold off in the final hour of trading when the Dow erased in early rally to plunge 146 points the Nasdaq tumbled 37 investors were unnerved by another casualty in the subprime mortgage market american home mortgage which caters to borrowers with poor credit said it doesn't have enough cash to fund new loans and may have to liquidate its assets its stock plunged ninety percent the Wall Street Journal has a new owner Rupert Murdoch has finally won the venerable financial newspaper and its owner Dow Jones the media moguls five billion dollar offer won the support of the companies controlling shareholders the Bancroft family whose members had been divided four months on whether to accept the offer the journal is the crowning jewel in Murdoch's media empire which includes the Fox News Channel myspace and the New York Post oil is on investors radar screens after crude closed at a record 78 21 a barrel traders are worried supplies are inadequate to keep up with growing demand we'll find out more later today when the government releases the latest report on oil inventories and on the earnings front will hear from Disney Kraft Foods starbucks and Time Warner that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopher's

Dow jumps 150; Ford sales plunge 19% in July

CBS News

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[Music] If you blinked, you may have missed it. A late day buying spree in the final minutes of trading that sent the Dow up triple digits after a roller coaster of a day for investors. The Dow rocketed 150 points, while the NASDAQ Composite moved up better than seven. July was another dismal month for American car makers. Ford fared the worst, posting a 19% drop in sales due partly to the reduction in sales to rental car companies. General Motors wasn't far behind with an 18 and a half% slide. At Chrysler, sales fell 8%. Even Asian rival Toyota saw a dip in sales down over 7% for the month. But more signs of a strong job market. Outplacement firm Challenger Gray and Christmas says job cuts fell 23% in July to a 12-month low of 42,000. The government releases the monthly employment report Friday and analysts expect the unemployment rate to have held steady at 4 and a.5%. And there could be a light at the end of the tunnel for the slumping housing market. The pending home sales index, that's a gauge of future home sales actually rose 5% in June. It was the best showing in more than three years. Still, the index remained far below the same time last year. That's your money watch. Log on to cbsnews.com for more. In New York, I'm Alexis Christopherus.