AIG posts $5B loss as stocks post 4th monthly drop

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[Music] stocks Clos the book on their fourth straight monthly drop stocks tanked on more disappointing earnings news and weak readings on manufacturing and consumer sentiment for the month the Dow fell 3% the NASDAQ sank more than four AIG the nation's largest insurer said it lost more than $5 billion dollar last quarter because of big losses in Investments tied to bad mortgage bets and The Brokerage UBS said Financial firms could end up facing $600 billion in losses as the credit crisis continues to unfold if you get a letter in the mail from the IRS next month don't panic it actually may be good news the letters are going out to more than 130 million households to make sure people don't miss out if they are eligible to receive a tax rebate check under the recently passed economic stimulus plan and Victoria's Secret may be too sexy for its own good the lingerie Company CEO blames SL sales on risque displays that are being associated with seduction and sex Victoria Secret will try to bring more sophisticated higher quality products back to its stores that appeal to a wider range of women that's your money watch log on to CBS news.com for more in New York I'm Alexis christopherus

Ford recalls 4.6M vehicles; dollar hits record low

CBS

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[Music] the federal government has issued a major recall of Ford vehicles faulty cruise control switch systems have been linked to engine fires the recall affects some 4.6 million cars and trucks under several model names including Ford Lincoln and Mercury the national highway traffic safety administration says it's received about 60 complaints of engine fires since last summer Americans traveling to Europe will have to spend a lot more on their trip the US dollar has fallen to a record low against the Euro it now takes a little more than $150 to get1 Euro and more than $2 to buy one British pound a cooling labor market and slowing economy are fueling speculation that the Federal Reserve will cut interest rates at least two more times this year which could devalue the dollar even further and that has investors pumping money into oil crude closed at a record 10259 a barrel fed Chief Ben n told lawmakers Thursday he does not anticipate stag flation the dreaded combination of slowing growth and Rising inflation he once again said the FED is ready to cut interest rates further to prop up the economy well Wall Street took little comfort in bernanke's Outlook the Dow sank 112 points the NASDAQ gave up 22 and Dell is a stock to watch today the PC giant reported a 6% drop in earnings last quarter sales were also softer than expected that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus