Buffett says we're in a recession; oil hits record $104
CBS
Transcript
[Music] Billionaire investor Warren Buffett believes we're in a recession. Buffett says even if we have not yet met the technical definition of a recession, two back-to-back quarters of negative growth, the symptoms, he says, are clear. On Wall Street, after a seessaw day, stocks finished with modest losses as investors just couldn't shake news of a weak manufacturing report and record oil prices. In the end, the Dow dipped seven points. The Nasdaq Composite gave up nearly 13. Oil prices hit an all-time high, even when adjusted for inflation as the dollar continued to slump against foreign currencies. Oil surged to nearly $104 a barrel. Construction spending dropped nearly 2% in January, the biggest slump in 14 years. The home building sector once again led the decline. And New York's attorney general has settled his investigation into home appraisal fraud. Government sponsored lenders Fanny May and Freddy Mack have agreed to make changes to protect prospective home buyers from appraisers who inflate home values. That practice contributed to this housing slump and rising foreclosures. And the auto industry continues to suffer. Ford, GM, and Toyota all reported sluggish US sales in February as consumers put off buying that new car because of worries about the economy. housing market and weak job market. That's your money watch. Log on to cbsnews.com for more. In New York, I'm Alexis Christopherus.