Bernanke flags housing drag; oil spikes to $88, Dow loses 71
CBS News
Transcript
wall street tumbled for a second straight day after federal reserve chairman ben bernanke said the slumping housing market remains a significant drag on the economy treasury secretary henry paulson echoed bernanke's sentiments saying the housing market is now the biggest risk to our economy and one of the nation's largest home builders dr horton said orders for new homes in the fourth quarter plunged nearly 40 percent as customers backed out of sales and banks restricted their lending topping things off a new survey found confidence among home builders is at a 22-year low those housing worries coupled with near record high oil prices gave investors a reason to head for the exits the dow jones industrial average lost 71 points while the nasdaq composite gave back 16. oil prices briefly spiked to a record blasting through 88 dollars a barrel on continued fears that turkey might pursue kurdish rebels in iraq and disrupt oil supplies in that region that's your money watch log on to cbsnews.com for more in new york i'm alexis christophers