Dow rallies 247; manufacturers sweeten deals as credit crisis bites

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the bargain hunters were out in full force on wall street helping the stock market make up nearly all of its losses from tuesday's big sell-off the dow raced ahead 247 points while the nasdaq composite rallied more than 62. senator chuck schumer is weighing in on the mortgage mess the new york democrat is calling on countrywide financial to stop paying its brokers higher commissions for steering borrowers to high cost high high-risk home loans schumer says the practice has put millions of homeowners in jeopardy of losing their homes when interest rates reset in the coming months looking for a new car well now may be the time to buy concerns that the credit crisis will hurt auto sales has led many manufacturers to offer greater incentives to bring in new customers even the asian automakers who historically shy away from hefty rebates are making deals experts are warning though that auto sales this month could be off 10 percent because credit concerns are making homeowners unwilling to sign on for another large monthly payment and the roads may be a bit less crowded this labor day weekend aaa says about a hundred thousand fewer people will be traveling by car over the holiday weekend compared to last year now gas prices are about a dime lower than last year but still historically high just under 29 million people are expected to hit the road this weekend that's your money watch log on to cbsnews.com for more in new york i'm alexis christopher

Dow sinks 50 amid credit fears; Monster.com data breach worsens

CBS News

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[Music] another Rocky day for stocks as investors weighed good news about the economy against continued turmoil in the credit markets in the end the Dow sank 50 and a half points the NASDAQ inched up two despite housing troubles the economy actually grew during the Spring at its strongest Pace in more than a year thanks to solid growth in international trade and business investment monster.com says ID theft from its we side is worse than previously thought the company originally said over a million job Seekers had their personal information stolen but an investigation into the recent hacking of its site found that number could be several million monster says every user should assume their information was stolen hundreds of job their accounts another recall tied to China Toys R Us has recalled 27,000 crayon and paint sets because the packaging of the Imaginarium wooden coloring cases contains lead so do some of the watercolor paints no injuries have been reported but your urge to return the Imaginarium wooden color in case two chys R Us for credit and financing your home is a bit cheaper this week Freddy Mack says the average interest rate on a 30-year loan fell to 6.45% that's down from 6.52% last week for a 15-year loan the average rate dropped to 6.12% that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus