Markets Tumble, Reserve Acts (CBS News)
CBS News
Transcript
[Music] it was another Wild Ride On Wall Street US Stocks followed European and Asian markets lower but the Federal Reserve managed to stem most of the losses providing liquidity into the cash strapped Market taking a look at the closing numbers the Dow Jones Industrial Average managed to finish down a modest 31 points the NASDAQ compa it gave up just 11 in an unprecedented move the FED injected cash into the market three times and said it will pump as much money as needed to help overcome the effects of the spreading credit crunch the FED followed similar moves by the central banks in Europe and Asia the first time they've worked together to calm the market since 9911 meanwhile there is a growing chorus calling on the FED to cut interest rates many analysts say we could see an emergency rate cut of half a percentage point to four and 3/4% before the FED meets again next month despite the rocky ride on Wall Street consumers are feeling a bit more optimistic the consumer confidence index for August Rose to the highest point in 5 months thanks to easing gas prices and continued strength in the job market that's your money watch click on cbsnews.com for the latest Market action at the New York Stock Exchange I'm Alexis christopherus