Strong jobs report: 166,000 added; Merrill Lynch sinks to 6-year low
CBS News
Transcript
[Music] wall Street's worries about the financial sector overshadowed a stronger than expected jobs report today but some last minute bargain hunting helped the Dow erase a triple digigit decline in the end the Dow finished up 27 points the NASDAQ Composite Rose 15 and a half the economy added 166,000 jobs in October the most in five months and twice as many as expected while the unemployment rate held steady at 4.7% a sign the economy may be able to avoid a recession Traders are betting the strong job market and demand for oil and gas that sent crude to yet another all-time high to close just under $96 a barrel but the slump in the housing market the mortgage mess and the credit crunch continue to take their toll on the financial sector shares of meil Lynch sank to it six-year low on speculation The Firm may be exposed to another 10 billion dollar in Mortgage Debt and the SEC has reportedly launched a probe into whether Merill tried to hide as much as $5 billion in debt through deals it made with hedge funds Marl Lynch denies those allegations that's your money watch be sure to click on cbsnews.com for more Market action at the New York Stock Exchange I'm Alexis christofer