Dow down 4% on week; Merck to pay $5B over Vioxx

CBS

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[Music] the stock market couldn't find its legs again today investors headed for the exits once again and it was the financial stocks that led the Exodus the Dow plunged 223 points it is down 4% for the week the NASDAQ tumbled 68 points shedding 6 and a half% on the week the list of banks crushed by the mortgage mess continues to grow wacovia is the latest victim the banking giant says the value of its mortgage backed Securities fell by over a billion dollars in October Fanny May is also hurting the government-backed mortgage company posted a $1.4 billion loss in the third quarter and credit losses and mortgage delinquencies are forcing that company to cut its outlook for next year drug maker MK will pay nearly 5 billion dollar to end thousands of lawsuits involving its VI's painkiller plaintiffs claimed Vio proved fatal or injured its users MK pulled viox from the market 3 years ago after it was found a the risk of heart attacks and strokes Merk insists the settlement does not mean it's admitting fault and another recall to tell you about this time it involves a classic children's character 175,000 Curious George dolls with plastic faces made in China are being recalled for lead paint contamination the dolls come in five different models and were sold with Curious George story or activity books that's your money watch log on to cbsnews.com for more business headlines at the New York Stock Exchange I'm Alexis is christopherus

Bernanke signals Fed done cutting; Nasdaq drops 53

CBS News

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investors are looking to finish off a rocky week on Wall Street on a positive note the bargain hunters hit the floor in late trading thursday snatching up beaten down financial stocks after dropping 200 points the dow finished with the loss of 33 but the tech-heavy nasdaq took a beating losing 53 points the sell-off was triggered by a less than optimistic sales outlook from tech giant cisco systems on Capitol Hill Federal Reserve Chairman Ben Bernanke said the economy faces multiple challenges a slowdown sparked by the housing slump mortgage mess and credit crunch and a threat of inflation triggered by soaring energy prices Bernanke hinted that the Fed is done cutting interest rates for now but some analysts say another cut is possible before the end of the year today investors will be focused on new reports on the trade gap and the latest look of consumer sentiment ahead of the holiday shopping season and California is suing the Environmental Protection Agency demanding a quick decision on its request to limit greenhouse gas emissions from cars and light trucks registered in the state starting with 2009 models a California state law requires automakers to reduce emissions thirty percent by 2016 as many as 16 other states are planning to adopt California's emissions levels that's your money watch be sure to log onto CBS News calm for the latest business headlines at the New York Stock Exchange I'm Alexis christopher's