Dow tumbles 143 on home sales slump; Apple stock sinks on iPhone cut
CBS News
Transcript
[Music] stocks snapped their four-day winning streak as jittery investors sold off on a report showing a large drop in pending home sales the Dow tumbled 143 points while the NASDAQ lost 24 investors were also discouraged after a Federal Reserve report on economic conditions did not deliver a sure bet for an interest rate cut later this month the FED said the credit crunch is taking its worst toll on the housing market but that so far its effect on the broader economy appears to be limited investors took a big bite out of Apple's stock it sank more than $7 a share after the company said it is slashing the price of its iPhone by $200 less than three months after it hit store shelves beginning today the iPhone will retail for about 400 bucks some industry experts question the move saying it might annoy people who bought the iPhone for $600 when it was first launched Apple also took the wraps off its new line of iPod media players Apple CEO Steve Jobs says the iPod Touch features touchscreen technology and wireless internet access so you can download music directly into your iPod the price starts at about $300 the Nano also got an upgrade it's now sliver thin and plays videos Boeing says it could be as late as December before its much anticipated 787 Dreamliner takes to the skies that's at least 3 months behind schedule Boeing blames a shortage of parts from suppliers for the delay that's your money watch be sure to log on to cbsnews.com for more in New York I'm Alexis christopherus