Dow soars 331 on rate-cut hopes; Bernanke speaks tonight

CBS News

Transcript

[Music] the stock market has a tough act to follow the Dow logged one of its best days this year Wednesday on renewed hopes that the Federal Reserve will cut interest rates again at its December 11th meeting the Dow soared 331 points the NASDAQ ran up 82 investors will be eagerly waiting for fed chairman Ben brank's speech tonight in North Carolina they'll be listening for more hints that the FED plans to continue to reduce rates we'll see if oil resumes its slide crude fell more than $3 to just under $91 a barrel thanks to a better than expected report on weekly oil inventories Wall Street will also be focused on the housing market with the latest report on new home sales on Wednesday we learned that home resales fell for the eighth straight month in October sending average home prices tumbling and pushing inventory of unsold homes to a 22-year high and keep an eye on shares of American Airlines the carriers stock row 8% Wednesday on news American plans to sell or spin off its Regional Airline American Eagle and Exxon Mobile has plans to improve electric and hybrid cars and trucks the oil giant says it will unveil new lithium ion batteries that will make the vehicles more efficient and affordable lithium ion batteries are currently used in cell phones laptops and other electronics that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus

Foreclosures surge 94%; Sears profits plunge 99%

CBS News

Transcript

[Music] the White House is predicting what many economists have been saying for months the economy will continue to slow next year the government is now anticipating a rise in unemployment as the housing slump and credit crunch weigh on the economy and there is fresh evidence that the housing market has collapsed fewer new homes than expected were sold in October even as home prices Nationwide fell by the most in almost 4 years at the same time foreclosures jumped 94% compared to the same time last year on Wall Street stocks managed to add to the Market's best two-day runup in five years Dow Jones Industrial Average Rose 22 points while the NASDAQ Composite moved up five shares of Sears tumbled the most in 5 years after a 99% Plunge in quarterly profits for the Department Store chain sear which bought Kmart two years ago blames those dismal results on slower sales and clearance markdowns and Ford is settling class action lawsuits with a million people who claimed their explorers were prone to rollovers the car maker has faced many wrongful death and personal injury lawsuits after rollover accidents involving those SUVs owners will get $500 vouchers for new explorers $300 vouchers for other Ford products that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus