Dow plunges 360 as oil nears $100; financial stocks battered
CBS News
Transcript
[Music] Wall Street is watching and waiting for oil to hit a $100 a barrel crude prices eased slightly Wednesday after the government reported a smaller than expected drop in US oil stockpiles still crude is within Striking Distance of that $100 Mark meantime there was another huge selloff on Wall Street investors continue to worry about the economy and a possible recession as the dollar sinks further and the financial sector struggles to recover from the credit mess the DOW Industrials plummeted 360 points while the NASDAQ lost 76 today investors will be reacting to earnings news from Cisco Systems the network equipment maker posted a 37% jump in its first quarter profit to over2 billion expect earnings later today from Disney Ford and Vonage Federal Regulators are cracking down on violators of the Do Not Call List the FTC announced nearly $8 million in settlements with six companies the registry now includes some 145 million telephone numbers companies face fines of up to $1,000 for each violation and despite a recent increase in air fairs experts say if you're flexible this Thanksgiving you could save as much as 40% on your ticket the cheapest days to fly next Tuesday and Wednesday the Monday before Thanksgiving and of course Thanksgiving Day that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus