Home resales rise; JPMorgan raises Bear Stearns bid to $10
CBS
Transcript
a surprise turnaround for the housing market home resales rose in february for the first time in six months jumping nearly three percent but home prices fell eight percent to about 196 thousand dollars the biggest drop on record that news along with jp morgan chase's sweetened bid for bear stearns put investors in a buying mood the dow rallied 187 points the nasdaq gained 68. j.p morgan chase upped its buyout offer for bear stearns from a two dollars a share to ten dollars a share for a total of over a billion dollars that was to calm angry shareholders who said the original offer was too low that's still a fraction of what the company was worth before its near collapse earlier this month the new deal has financial backing from the federal reserve a satellite radio merger has cleared one more hurdle the justice department will not block the proposed merger of xm and sirius saying the deal won't hurt consumers the 4 billion dollar merger still needs fcc approval the recent record run-up in oil prices continues to trickle down to the pump gas prices jumped seven cents in the last two weeks according to the lundberg survey to a nationwide average of 326 a gallon that's your money watch log onto cbsnews.com for more in new york i'm allison harmelin