Bernanke concedes recession risk; Bear Stearns hearings begin
CBS
Transcript
the near collapse of Bear Sterns remains in the spotlight on Capitol Hill lawmakers will be questioning the head of the Investment Bank as well as the chief executive of JP Morgan Chase about the bailout treasury secretary Henry Paulson and Federal Reserve chairman Ben Bernan are also expected to testify before the Banking Committee on Wednesday the FED Chief conceded for the first time that the economy could slip into a recession but Bernan was quick to predict that things should turn around by the end of the year Wall Street tried to shrug off the FED Chairman's comments but in the end stocks finished lower the Dow slid 48 points the NASDAQ dipped a point investors will be looking for the latest report on new unemployment claims due out this morning and oil prices will be in Focus crude Rose nearly $4 to just under $105 a barrel that's despite news that us oil inventories grew more than expected the price search came after government data showed that demand for gasoline is on the rise and some strong ear morning news from the maker of the Blackberry could help boost stocks today Research In Motion beat Wall Street's expectations reporting fourth quarter profits that doubled the company signed up more than 2 million new customers during the quarter Rim now has 14 million Blackberry subscribers that's your money watch log on to cbsnews.com for more at the New York Stock Exchange I'm Alexis christopherus