Dow rallies 319, best gain since Sept; Walmart beats estimates

CBS

Transcript

[Music] the stock market snapped a 4-day losing streak thanks to Falling oil prices and strong now rallied 319 points its best gain since September the NASDAQ rocketed nearly 90 Walmart posted its biggest advance in 5 years after quarterly profits beat estimates providing a glimmer of hope to other retailers as they head into the all important holiday shopping season Goldman Sachs led a rebound in financial stocks after the Wall Street brokerage firm said it doesn't plan any significant write Downs due to subprime mortgages investors had an appetite for Apple after the company said it's close to a deal to sell the iPhone in China and crude oil tumbled back to $91 a barrel after the International Energy agency cut its forecast for Global oil demand through 2008 and Microsoft unveiled its new Zoom today it will engrave designs by contemporary artists on the back of its media players free of charge Zoom is Microsoft's answer to the iPod Apple has sold more than a 100 million iPods to zoom's 1.2 million that's your money watch visit cbsnews.com for more business headlines in New York I'm Alexis christopherus

Dow gives back 55; pending home sales in spotlight

CBS News

Transcript

[Music] Wall Street just can't seem to find its legs. The Dow wiped out a tripledigit gain on more fallout from the credit crisis. In the end, the Dow gave back 55 points while the Nasdaq tumbled about 44. The housing market retakes the spotlight on Wall Street today with the latest look at pending home sales for September. Analysts are expecting another drop. Expect earnings news from some big retailers including Walmart and Home Depot. And investors will be keeping an eye on oil, which has stalled in its run for $100 a barrel. Crude prices fell nearly $2 on new hopes that OPEC will increase output. Gift cards are expected to be big again this holiday season, but they may not make the best gift. A new survey by Consumer Reports found 62% of shoppers are planning to buy gift cards this season, but 27% of last year's gift cards still haven't been redeemed. In fact, an estimated $8 billion was lost last year due to unredeemed, expired, or lost gift cards. And Americans will be flocking to the airports this Thanksgiving. Roughly 27 million people are expected to fly over 12 days beginning this Friday. That's up 4% from last year. And that's despite historic delays reported by airlines all year. That's your money watch. Visit cbsnews.com for more business headlines in New York. I'm Alexis Christopherus.