Worst start since 1982; Merrill Lynch faces $15B mortgage loss
CBS News
Transcript
[Music] Wall Street is suffering its worst start to a new year since 1982 and investors are bracing for more bad news as the nation's largest banks are set to report quarterly earnings this week at least two City group and Washington Mutual are expected to post quarterly losses and there are reports that brokerage giant Merill Lynch will take a$1 15 billion hit because of mortgage Investments gone bad on Wall Street Friday those fears and new signs that consumers are starting to feel the pinch of a slowing economy since stocks tumbling the Dow lost 246 points it is down 5% so far this year the NASDAQ closed down 48 investors will also be looking out for a slew of New Economic news this week on everything from retail sales to inflation to the housing market the Auto industry will also be in the spotlight as the Detroit Auto Show shifts into high gear automakers will be trying to catch the imagination of car buyers with the latest additions to their lineups all the while worrying that a recession could be a deadly blow to the already struggling industry and Apple Fans will be keeping an eye on San Francisco looking to see what new Gadget CEO Steve Jobs will unveil at macor whatever it is experts are expecting the Apple event to overshadow the offerings from the consumer electronic show in Vegas and that's your money watch click on cbsnews.com for more at the New York York Stock Exchange I'm Alexis christopherus