Dow claws back from 300-point drop; Fed rate cut eyed
CBS News
Transcript
investors are bracing for another nail biter on wall street after stock staged a dramatic late day comeback thursday new worries about the credit crisis sent stocks tumbling out of the gate at one point the dow was down more than 300 points before erasing nearly all of its losses when the closing bell rang the dow closed down just 15 the nasdaq lost seven experts say the revival shows that investors want stocks to turn around the blue chips clawed back in the final hour of trading led by a rally in financial stocks including jpmorgan chase and citigroup today wall street will be looking to see what effect the roller coaster ride on wall street is having on the average american analysts are expecting the latest report on consumer sentiment for august to have slipped a bit in the last month investors will also be keeping an eye on oil prices crude fell more than two dollars a barrel on rising concerns that the credit market turmoil will cut demand the cost of financing a home has turned around the average interest rate for a 30-year mortgage ticked higher to 6.62 percent from 6.59 last week on the 15-year loan the average rate rose to 6.3 percent and that's your money watch log on to cbsnews.com for more at the new york stock exchange i'm claire laka