Dow tanks 362 on Citigroup downgrade; Chrysler cuts 12,000 jobs
CBS News
Transcript
[Music] the Bears sent the Bulls packing on Wall Street stocks finish sharply lower one day after the Federal Reserve cut interest rates by a quarter point investors fear it may be the last rate cut for some time in the end the Dow tanked 362 the market was dragged down in part by the financial sector which was rocked by a downgrade of City group that news could be a sign of more losses for banks caught up in the subprime mortgage crisis shares of City Group suffered their biggest one-day drop in 5 years Chrysler is slashing 12,000 jobs as the newly private automaker moves to cut costs 10,000 assembly jobs are on the chopping block along with four models the Magnum wagon PT Cruiser Pacifica and Crossfire Chrysler also said sales in September sank 9% things were even worse over at Ford where car and truck sales tumbled 9 and a 12% GM bucked the trend with a 3 and half% % rise in sales it's third straight monthly gain that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus
Fed cuts to 4.5%; Dow up 137, oil hits $94
CBS News
Transcript
the Federal Reserve followed through cutting short term interest rates and expected quarter point to four and a half percent that triggered a rally on Wall Street sending the blue chips up triple digits the Dow ran up 137 points the Nasdaq climbed 42 the Fed second rate cut and as many months will make borrowing money cheaper for both consumers and businesses but the Fed hinted this may be the last cut for a while today Wall Street will get the latest look at personal income and spending for September as well as earnings reports from companies including ExxonMobil sprint and eastman kodak investors will also be watching the oil pitts closely crude prices rallied for dollars to top 90 four dollars a barrel that's another record that's on news of an unexpected drop in US oil supplies last week and keep your eye on google shares of the internet giant broke through seven hundred dollars a share for the first time ever it took Google stock just one month to climb a hundred bucks millions of apartment dwellers could soon have some new TV choices the FCC has approved a rule to ban exclusive agreements between cable companies and apartment buildings the head of the FCC says this change should help lower cable rates it would also give companies like Verizon and AT&T boost in their efforts to offer TV along with Internet and phone service that's your money watch log on to cbsnews.com for more in New York I'm Alexis cristoforos