Fed discount rate cut holds markets; housing data ahead
CBS News
Transcript
[Music] it's back to work for investors after a much needed rest Following last week's turmoil on Wall Street we'll see if the turnaround that kicked off Friday can hold up or if more bad news about the credit crisis will bring back the Panic selling the Dow surging 233 points back above that key 13,000 level the NASDAQ Rising 53 points in Friday's session it was a surprise move by the FED that helped turn things around at week's end when the Central Bank announced it would cut its discount rate by half a point to 5 and 3/4 per. the discount rate is the interest that the FED charges Banks to borrow money investors are still hoping the FED will trim its more closely watched federal funds rate which affects what consumers pay on various types of loans like credit cards okay also on the radar this week the housing market Wall Street will see if the tight credit Market is keeping buyers away when we get the latest report on new home sales for July in other news soon investors won't be able to buy a piece of The Beatles Emi is going private next month the British music publisher whose roster includes the Beatles and Coldplay is being acquired by a private Equity Group for nearly $5 billion and that's your money watch log on to cbsnews.com for more at the New York Stock Exchange I'm Claire Leica