Fed holds rates at 5.25%, Dow adds 35; Apple unveils new iMac
CBS News
Transcript
[Music] not even the Federal Reserve could give Wall Street direction today the Dow swung from A triple- digigit Loss to a triple digigit gain before settling closer to the Flatline after the FED announced it was leaving interest rates unchanged the Dow finished 35 points higher while the NASDAQ Composite added 14 the FED left short-term rates at 5 and a qu% saying inflation is still the biggest danger to this economy despite the credit Crunch and lumping housing market Apple unveiled its long-awaited updated iMac just in time for the back- to school shopping season the new computers sport thinner aluminum casings and offer bigger 20 or 24 in screens the IMAX will run between 12 and $1800 and good news for gamers the Xbox is getting cheaper after weeks of rumors Microsoft announced it's cutting the price of its popular video game console by 50 bucks starting tomorrow the Xbox 360 will run $350 analysts say the move should help boost Xbox sales which are outpacing Sony's Playstation 3 but lag behind Nintendo's Wii that's your money watch log on to cbsnews.com for more in New York I'm Alexis Christoper
Dow soars 286 on Fed hopes; oil sinks to $72
CBS News
Transcript
[Music] All eyes are on the Federal Reserve today. Fed Chief Ben Berndani and fellow policy makers are expected to leave short-term interest rates unchanged at 5 and a4%. But investors want to hear what the Fed has to say about the deteriorating mortgage market and the volatile stock market. Well, stocks enjoyed their best day of the year thanks to another late day burst of buying as bargain hunters snapped up financial stocks. The Dow shot up 286 points while the Nasdaq soared 36. Quite a different story in the oil pits where crude sank 5% to around $72 a barrel. Traders are worried an economic slowdown will lower demand for oil. On the earnings front, look for profit report cards from Burger King, Cisco Systems, Playboy, and Warner Music Group. The Mac is back and just in time for the back to school season. Apple is expected to unveil its new iMac desktop PC line later today. The new generation iMac will have a flashier design and thinner keyboard. And the new PlayStation 3 is now available from Sony. The 80 gigabyte system allows users to download more games and entertainment content. But the new system doesn't come cheap. It retails for about 600 bucks. That's your money watch. Log on to cbsnews.com for the latest business headlines in New York. I'm Alexis Christopherus.