Gold hits $1,000; Paulson calls for mortgage industry overhaul
CBS
Transcript
[Music] Wall Street rallied on a bit of good news stocks recovered from an early selloff after standard and pores predicted that Financial companies are nearing an end to the massive writeoffs from Bad Mortgage Debt that's devastated the stock and credit markets for months now in the end the Dow crawled back from a 235 Point deficit to finish 35 points higher than NASDAQ added about 20 Tre y secretary Henry Paulson is pushing for changes in the mortgage industry to avoid another housing related credit Mass Paulson is calling for National licensing for mortgage brokers stricter safeguards against fraud and clearer disclosure to borrowers about the terms of their home loans but there was plenty of bad economic news haunting both Wall Street and Main Street oil prices and gas prices hit record highs and gold touched $1,000 an ounce for the very first time Shoppers kept a tighter grip on their wallets last month retail sales slid 610 of a percent in February experts were predicting a slight increase in sales and the aing Auto industry saw sales di 2% last month and today Chrysler said it will shut down the entire company for two weeks this summer to save money that's your money watch log on to cbsnews.com for more at the New York Stock Exchange I'm Alexis christopherus