Dow rockets 286, best of year; American Home Mortgage bankrupt
CBS News
Transcript
[Music] a late day buying spree on Wall Street sent stock soaring erasing all of Friday's big losses investors ran to snap up recently beating down Financial stocks the Dow rocketed 286 points its biggest rally of the year the NASDAQ Composite raised ahead 36 Chrysler begins its New Life as a private company with an auto industry Outsider at the wheel former Home Depot CEO Bob nardelli has been named to head the company nardelli left Home Depot in January after a shareholder Rebellion over his huge pay package nardelli declined to discuss his compensation at Chrysler but said his pay is tied to the company's success the subprime Meltdown claimed its largest victim so far American Home Mortgage has filed for bankruptcy just days after the lender laid off almost all of its employees and closed down most of its business operations McDonald's has found a buyer for its Bost market chain the private firm Sun Capital Partners will buy the chain for an undisclosed amount McDonald's bought Boston Market out of bankrupcy protection 7 years ago for about $174 million that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus
Dow sinks 281 in selloff; Fed meets on rates
CBS News
Transcript
will it be the bulls or the bears in control on wall street this week investors will be bracing for another wild ride after a last-minute sell-off friday wiped out two days of gains putting the blue chips even further from the 14 000 milestone the dow plummeted 281 points while the nasdaq composite sank 64. ben bernanke and the federal reserve will be center stage on wall street this week as they meet to decide on interest rates analysts expect the central bank to leave rates unchanged for the ninth straight policy meeting at five and a quarter percent investors will also be watching for reports on consumer credit for june and second quarter productivity meanwhile sprint nextel vonage and a handful of smaller phone carriers are expected to help lift the telecommunications sector when they issue their quarterly earnings later this week and if you plan on hitting the road before the summer is out you may find some better news at the gas comp aaa says the national average for regular unleaded has fallen to 286 a gallon that's down 9 cents from a month ago and 14 cents less than we were paying this time last year prices are easing as refineries finally begin pumping enough oil to keep up with demand and that's your money watch log on to cbsnews.com for more in new york i'm alexis christopher