Abu Dhabi invests $7.5B in Citigroup; Dow soars 215

CBS News

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[Music] can investors keep the rally going news at abui will invest 7.5 billion dollars in City Group gave the struggling financial sector a much needed boost the Dow soared 215 points while the NASDAQ gained 40 also helping give stocks a boost a steep drop in oil prices crude fell more than $3 to below $95 a barrel on increasing speculation that OPEC may decide to raise its oil output at next week's meeting investors will be watching the housing market today as we get the latest look at home resales for October on Tuesday we learned that home prices Nationwide fell nearly 5% in the third quarter compared to the same time last year and Verizon is breaking with the US cell phone industry the wireless carrier says by the end of next year customers will be able to use any phone or other wireless device on its Network so if you're switching from Sprint to Verizon you can not only keep your phone number but your cell phone Verizon would be the first Wireless company to open its Network to competing devices that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus

Dow soars 331 in biggest two-day rally in five years

CBS News

Transcript

stock stage the biggest two-day rally in five years financial stocks led the surge on growing expectations that the Federal Reserve will cut interest rates again at its december 11th meeting a big drop in oil to about 91 dollars a barrel also help boost stocks in the end the Dow sword 331 points the Nasdaq jumped 82 if you're looking to buy a home you've certainly got plenty to choose from the supply of unsold homes sitting on the market is that a 22-year hi that's after yet another drop in home resales for October some buyers are holding out in the hopes that home prices will fall even further while others are having a tough time landing a mortgage now that banks are tightening their lending standards regulators in Canada are reportedly investigating whether several candy companies teamed up in a price-fixing scheme the Canadian divisions of Nestle Cadbury Hershey and Mars were slapped this week with search warrants the final numbers are in and cyber monday was a record day online sales rose twenty-one percent from last year to about 733 million dollars but the numbers weren't all good while the number of online shoppers rose 38% the average buyers spent about twelve percent less than last year and more than half made their purchases at work that's your money watch log on to cbsnews.com for more in new york i'm alexis crystal phorus