Dow rockets 417 on Fed's $200B bank lending plan

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[Music] stocks had their best day in over five years we'll have to see if it was just a one-day Wonder investors applauded news that the Federal Reserve and other central banks will lend $200 billion to the nation's biggest lenders to help ease the credit crunch it's the fed's latest attempt to pump more liquidity into the jittery financial markets and it apparently worked because the Dow rocketed 4177 points about 32% the NASDAQ climbed 86 points it was up 4% on the day the cost of filling up the family car jumped to a record high Tuesday of 323 a gallon when adjusted for inflation that is still 18 cents below the peak of 340 a gallon back in 1981 but that is little consolation to Consumers who are also struggling with Rising food prices and falling home values well the IRS may bring some relief the agency says it's already sent out over $16 billion in tax refunds for 2007 the average check was for $2,700 and more struggling homeowners are tapping into their 401K retirement plans simply to make ends meet so-called hardship withdrawals Rose 23% in January at 401K plans run by Merl Lynch most people made withdrawals to pay their mortgage and avoid foreclosure but cashing in your 401k early does come with consequences including a 10% penalty that's on top of the taxes owed that's your watch click on cbsnews.com for more business headlines in New York I'm Alexis christopherus

Southwest grounds 41 planes over FAA fine; oil hits $110

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southwest airlines has grounded 41 planes that were not properly inspected for structural cracks the faa announced last week that southwest faced a 10 million dollar fine for continuing to fly these older 787s which make up about 8 percent of its fleet because these planes were pulled out of service some southwest flights had to be canceled on wall street investors struggled to build on tuesday's huge gains as crude oil soared to yet another all-time high of 110 dollars a barrel in the end the dow gave up an early rally to finish 46 points lower the nasdaq gave back about 12. gas prices hit a fresh record of 324 a gallon that's about two cents higher than the record set last may this time last year a gallon of regular was 254. both oil and gas prices were on the rise despite news that u.s supplies of both jumped more than expected this week and wrigley is giving its gum a makeover double mint juicy fruit and big red will get the overhaul wrigley will transform the bulky packs of foil wrapped stick gum to a sleek and slim envelope that can fit in a pocket it also intends to boost the gum's flavor stick gum is not as popular with shoppers as tab gum like orbit and pellet gum like eclipse that's your money watch log on to cbsnews.com for more in new york i'm alexis christopher