Best week since Fed rate cut; holiday sales seen up just 4%
CBS News
Transcript
[Music] Wall Street has a tough act to follow the stock market closed the book on one of its best weeks of the Year Friday the Federal Reserve and its half-point cut in interest rates was the Catalyst in a week that saw the Dow S&P and NASDAQ each up nearly 3% on Friday the Dow added 53 points the NASDAQ composit Rose about 17 this week's script on Wall Street will likely be written by fresh econom figures on home sales for August consumer confidence and personal income and spending will also find out how fast the economy expanded in the second quarter it could be a blue Christmas for many of the nation's retailers the national retail Federation is forecasting holiday sales will rise just 4% that's the slowest Pace in 5 years the group says the slumping housing market and Rising oil prices are expected to make for Frugal Shoppers and that means stores are expected to offer big discounts to get your business and the declining dollar is also on investors radar screens the Euro continues to set new highs against the green back climbing above a141 for the first time Friday and while us tourists overseas are getting slammed by the weak dollar us exporters are raking it in as products produced here become cheap in the eyes of foreign buyers that's your money watch track all the business Headlines by logging on to CBS news.com in New York I'm Alexis christopherus