Dow plunges 143 on housing drop; Apple cuts iPhone price $200
CBS News
Transcript
[Music] the recent stock market rally hit a brick wall on Wall Street investors dumped stocks today after more bad news from the housing market the Dow plunged 143 points while the NASDAQ gave back 24 home sales fell into the seller in July the National Association of Realtors says pending sales of previously owned homes fell to the lowest level in nearly 6 years the trade group says the measure was down 16% from a year earlier Less Than 3 months after its release an apple is slashing the price of its iPhone by $200 Apple's CEO Steve Jobs also took the wraps off its next Generation digital music player the iPod Touch features a wide touchcreen and Wi-Fi connection that lets you download music wirelessly it will retail for about $300 but investors took a bite out of Apple's stock which sank more than $7 some experts believe the iPhone price cut may be a sign of slowing sales and that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus
Fed urges mortgage help; Toyota passes Ford, Dow up 91
CBS News
Transcript
[Music] the government is trying to give struggling homeowners a Lifeline the Federal Reserve and other banking Regulators are urging lenders to identify borrowers at risk of default and offer to refinance to help them keep their homes more than 2 million Americans are at risk of losing their homes in the coming months as their mortgage rates reset to higher levels in some cases doubling even tripling their monthly payment Wall Street kicked off the month of September with a rally as investors bank on an interest rate cut from the FED later this month the Dow climbed 91 points and the NASDAQ raised ahead 33 Toyota Ford and Chrysler each posted sales declines last month but that didn't stop Toyota from bypassing Ford as the nation's second biggest automaker GM surprised the industry with a 6% rise in sales thanks to strong demand for its trucks the iPod is growing up Apple is expected today to take the wraps off its sixth generation digital music player the new and improved iPod is expected to have a more powerful operating system and a wide touchscreen ever wish you could put limits on your teenagers cell phone calls well AT&T is giving parents that power with its new plan called Smart Limits for $4.99 per month per line parents can block certain calls set time limits and have allowances for text messages and downloads it can all be set by parents through a website that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus