Wall Street's worst quarter in six years; Nasdaq off 14%

CBS

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investors wrap up the worst quarter for Wall Street in six years this week stocks were hammered in the first three months of the year as companies struggled with weak consumer spending the housing slump and the credit crunch the Dow is off more than 7% so far this year the NASDAQ is down a whopping 14% but there is some Hope on Wall Street most of those losses occurred in January and February while March saw a bit of a rebound on Friday stocks lost ground because of worries over weak consumers ending the Dow lost 86 points the NASDAQ composit slid 19 this week investors will be waiting for the all important monthly jobs report and experts are predicting that report will show the economy lost more jobs in March and that the unemployment rate Rose to 5% also look for reports on Factory orders and construction spending in February while the Bear Sterns debacle has grabbed the attention of Congress the Senate will hold a hearing Thursday to take a closer look at the government backed buyout of the investment giant by JP Morgan Chase the CEOs of both Banks along with fed chairman Ben banki have been invited to testify lawmakers are concerned about the risk the government back deal poses to taxpayers that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus

Paulson unveils sweeping financial regulation overhaul

CBS

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it would be the most sweeping overhaul of financial regulations since the Great Depression treasury secretary henry paulson unveiled a bush administration planned today to give the Federal Reserve new power to ensure the stability of the American financial system the proposal would put new controls on the mortgage industry and give regulators control over the actions of hedge funds private equity firms and investment banks for the first time the plan will not alleviate the current economic crisis and faces resistance from Congress on Wall Street investors finished off the month with some gains but stock still chalked up the worst quarter in four years the Dow climbed 46 points while the nasdaq added 17 and with the country facing a housing crisis the head of housing and urban development is resigning under pressure the FBI has been investigating HUD secretary Alphonso Jackson for alleged cronyism investigators are looking into whether he gave contracting jobs to a friend and get ready for more pain at the grocery store the government says farmers are expected to plant eight percent less corn this year which could drive soaring food prices even higher many farmers are switching from corn to soybeans because of a growing worldwide demand that's your money watch click on cbsnews.com for the latest business headlines at the New York Stock Exchange I'm Alexis Christopher asst