Fed rate decision day; E*Trade exits mortgage business
CBS News
Transcript
[Music] all eyes are on the Federal Reserve today as investors anxiously await the fate of interest rates with the ongoing troubles in the housing and credit markets investors are betting fed Chief Ben banki and Company will cut short-term rates for the first time in more than four years but Wall Street is divided over whether the FED will trim rates by a quarter point or a half point on Wall Street Monday investors stuck to the sidelines ahead of that big Federal Reserve me the Dow fell back 39 points the NASDAQ Composite gave up 20 another company is lowering its exposure to the mortgage business the online broker ER trade will exit the Wholesale Mortgage business and streamline its Direct mortgage lending business ER trade also lowered its earnings forecast for the year and good news for chocolate lovers chocolate giant Mars is fighting a push to allow manufacturers to use cheaper vegetable oil instead of cocoa butter and still call it chocolate Mars which makes M&M's Snickers Twix says it will continue to use 100% cocoa butter in its products chocolate makers are already allowed to use vegetable fats but then they can't call it chocolate that's your money watch for the latest business headlines log on to cbsnews.com in New York I'm Alexis christopherus