Ford recalls 3.6M vehicles; Dow plunges 280 on credit fears
CBS News
Transcript
[Music] Ford motor company has hit a big bump in the road the automaker is recalling 3.6 million cars and trucks to address concerns about a faulty cruise control switch the cruise control has led to previous recalls based on reports of fires the recall covers more than a dozen Ford vehicle models built from 1992 to 2007 owners will begin receiving recall notices August 13th and Wall Street ended another roller coaster week with the DOW Industrials plummeting triple digits in the final minutes of trading as investors grapple with credit Market fears this time sparked by Wall Street Bank Bear Sterns the Dow plunge 280 points the NASDAQ Composite meantime down nearly 65 hiring cooled off in July pushing the nation's unemployment rate to a six-month high of 4.6% only 92,000 new jobs are created much fewer than expected and official Chrysler has somebody new in the driver's seat the private Equity Firm Cerberus has bought an 80% stake from Daimler Chrysler for nearly 7.5 billion dollar putting the 82-year-old automaker On A New Path to recovery as a private company that's your money watch click on cbsnews.com for more in New York I'm Alexis christopherus
Dow jumps 100 on jobs hopes; Mattel recalls lead-paint toys
CBS News
Transcript
[Music] it's all about the job market on Wall Street today investors are awaiting the July employment figures economists predict the economy added around 130,000 new jobs last month and expect the unemployment rate to have held steady at 4 and a half% on Wall Street another bout of late day buying sent stock soaring in the final 30 minutes of trading the Dow ran up 100 points and is now up about 2% in just the past two Trading days the NASDAQ Composite rallied 22 points Mattel is a stock to watch it lost about 2% Thursday after recalling about a million Chinese made toys containing lead paint investors punish the company on news the recall will take a chunk out of its bottom line Mattel says the recall will cut $30 million from its operating income this is the third recall of toys made in China in recent weeks and more Fallout in the crumbling mortgage Market accredited H lender says it may have to file for bankruptcy the San Diego based subprime mortgage company says it is unable to cope with a surge in overdue payments by borrowers this puts in doubt its merger with Lone Star funds the stock lost half its value and financing the American dream is slightly less expensive this week the rate on a 30-year fixed mortgage averages 6.68% while the rate on a 15-year loan came in at 6.32% that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus