Housing contracts hit record low; Dow extends post-cut rally

CBS News

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[Music] the Bulls retreated a day after the market's record rally more troubling news from The Battered housing sector had investors giving back some of Monday's big gains the National Association of Realtors said the number of homes under contract in August fell to a record low as mortgage lenders shut off the financing needed to close deals because of the uh the weakness and the housing situation as well as the still the the elevated possibility of recession heading into 2008 that the FED probably will cut interest rates at least this month and possibly again in December that's what Wall Street is banking on stocks have been riding High ever since the FED last slashed rates on September 18th since then the Dow has rallied more than 600 points former fed chairman Alan Greenspan added more fuel to the rally Monday when he declared there are some early signs that the credit crisis is easing that drove the Dow back over the 14,000 Mark for the first time since July and economists expect more good things ahead for the stock market overall for the full year we would expect to see a 10% appreciation there are still plenty of wild cards between now and the end of the year including earnings reports and two more fed meetings but for now the Bulls are waiting in the wings Alexis christopherus CBS News the New York Stock Exchange

Dow soars 191 to record 14,087; UAW turns to Ford, Chrysler

CBS

Transcript

[Music] the bulls let loose on wall street sending the dow to a record close as investors bet the worst of the credit crisis is over and that more interest rate cuts are to come the dow ran up 191 points to a record 14 087 its first record closed since july the nasdaq raised ahead 39 points the auto sector drives into the spotlight today when automakers released their september sales figures the united auto workers union also gets ready to sit down with ford and chrysler to hammer out a new contract just last week the union agreed to a deal with general motors ending a two-day nationwide strike better work on those haggling skills a new consumer reports study finds that more than 90 percent of shoppers who tried to negotiate a better deal got one on everything from furniture to electronics and appliances even medical bills and it's the hottest concert ticket around and it's costing parents a pretty penny it's 14 year old pop star miley cyrus star of disney's hannah montana tv show fans are so desperate for seats to her national tour that scalpers are getting four to five times the face value for tickets one sold for over 2500 that's more than the average resale ticket price to see justin timberlake beyonce even the police that's your money watch log on to cbsnews.com for more in new york i'm alexis christopher