Oil hits record $83.32; Bernanke vows action on subprime mess
CBS
Transcript
[Music] investors took a timeout after back-to-back rallies disappointing earnings news and record oil prices also put pressure on the market the Dow lost about 49 points while the NASDAQ dipped 12 investors will be keeping a close eye on the oil pits again today after crude shot up more than a dollar to a record 8332 a barrel tight supplies in a weak dollar continue to send oil prices higher the FED Chief was back on cap cap Hill Thursday Ben Bernan assured lawmakers that the central bank will take steps to curb The Fallout from the mortgage Mass banki also said the Fed was considering a Crackdown on abusive practices in the subprime mortgage Market meantime the Securities and Exchange Commission is expanding its investigation into the subprime mortgage mess scrutinizing everyone from Wall Street Banks to investors to Credit Agencies as the housing market continues to slump Regulators say it will be hard to determine blame and liability and the cost of financing the American dream is a bit more expensive this week the average rate on a 30-year fixed rate loan Rose to 6.34% from 6.31% last week for a 15-year loan Which is popular with refinancers that rate ticked up to 5.98% that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus