Foreclosures up 93%; lawmakers press Fed on credit crisis
CBS
Transcript
[Music] investors spent another day searching for direction as Wall Street waits to see what the Federal Reserve will do next to steady the markets and the economy the Dow Jones Industrial Average lost 30 points but the NASDAQ Composite rallied nearly 13 lawmakers are putting pressure on the Federal Reserve to keep the credit crisis from derailing the economy Connecticut Senator Chris DOD says he urged fed Chief Ben banki to use all tools available during the closed door meeting in Washington DOD says he did not specifically ask the FED to cut short-term interest rates something investors are hoping for at the fed's September meeting more bad news on the housing front a new survey found that foreclosures Rose 9% from June to July and soared a whopping 93% from the same time last year the five hardest hit States California Florida Michigan Ohio and Georgia make up more than half the nation's total foreclosures and another Chinese made product is being scrutinized for safe issues Walmart has pulled dog treats made in China from shelves after customers said they made their pets sick Walmart stopped selling chicken jerky and chicken jerky strips in its stores last month no recall has been announced but Walmart says the dog treats are being tested that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus
Lehman closes subprime unit; Dow rallies 145
CBS News
Transcript
[Music] investors shook off concerns about the credit Crunch and sent stocks higher the Dow rallied 145 points the NASDAQ Composite raced ahead 31 the mortgage mess is claiming more victims Leman Brothers says it will close its subprime lending unit and cut 1,200 Jobs The Firm says it will continue to make Home Loans to borrowers with better credit but that is not the case for accredited home lenders which says it will stop making home loans altogether cut its Workforce by 1,600 and close 65 branches accredited will close its retail lending business but says it will honor loans already in the pipeline the slumping housing market continues to put the pinch on home builders profits at luxury homebuilder Toll Brothers tumbled in the third quarter to 26.5 million that's compared to 175 Million last year the company blamed the drop on higher than expected cancellations for groundbreaking on new homes that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus
Foreclosures surge 93%; lawmakers press Fed on rate cut
CBS News
Transcript
[Music] investors appear preoccupied with the Federal Reserve they're looking for signs that the FED will do more to stem the damage from the credit crisis on Wall Street Tuesday the Dow sank 30 points but the nasda composite Rose more than 12 lawmakers are putting pressure on the FED during a closed door meeting in Washington Tuesday Connecticut Senator Chris DOD urged fed Chief Ben banki to use all tools available but he did not specifically ask the central Bank to cut short-term interest rates that's something investors are hoping for at the FED September meeting foreclosures are surging a new survey finds Nationwide foreclosures were up 9% in July compared to June and up a staggering 93% over last year the five hardest hit States California Florida Michigan Ohio and Georgia make up more than half the nation's total foreclosures Delta Airlines has a new head pilot former Northwest Airlines CEO Richard Anderson is Delta's new leader a move that some say could lead to a possible merger between the two carriers and keep your eye on the oil pits the government releases its weekly oil inventory's report crew dropped below $70 a barrel Tuesday as hurricane Dean weakens that eased fears that the storm would hit oil facilities in the Gulf of Mexico that's your money watch log on to cbsnews.com for the latest business headlines in New York I'm Alexis christopherus