Dow surges 416 on Fed's $200B credit-crunch injection
CBS
Transcript
[Music] stocks posted their best day in five years Wall Street rallied on news of the fed's latest attempt to help ease the credit crunch the Dow Jones industrial average shot up 46 points a gain of 35% the NASDAQ rocketed 86 points up 4% on the day the fed and other central banks agreed to pump $200 billion into the financial markets to ease the credit crunch for big Banks and other lenders meantime the record run for oil continues and gas prices are along for the ride crude briefly crossed $19 a barrel and at the pump the national average hit a record 323 a gallon topping the record set last May Americans are now spending about 6% of their total disposable income on energy Leman Brothers is laying off 5% of its Workforce that's about 1,400 people the Wall Street firm is tightening its belt as the economy slows the slumping housing market continues to hammer Home Improvement retailers Lowe's says it will delay plans to open about 20 new stores this year in several hard- hit markets including California last month Lowe said quarterly profits tumbled some 33% that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus