Banks brace for big losses; GE warning sank Dow 256
CBS
Transcript
Wall Street is bracing for bad news from the financial sector. Six banks and brokerages, including Cityroup, Meil Lynch, JP Morgan Chase, and Bank of America, are set to report quarterly earnings this week. And analysts are predicting big losses because of the slowing economy and the housing slump. On the economic calendar, look for reports on retail sales, inflation, and home construction this week. On Friday, a profit warning from General Electric triggered a big sell-off. The Dow plunged 256 points while the Nasdaq lost 61. Keep an eye on linens and things. The home furnishings retailer is expected to file for bankruptcy this week. It would be the first major retailer to file Chapter 11 in this economic downturn. And you can now stay connected even if you escape for a walk in the park. Officials say there's a growing demand for wireless internet service. So many parks are installing it in campgrounds, lodges, and visitor centers. 28 states have at least one park with Wi-Fi and in California, 50 parks offer the service. That's your money watch. Click on cbsnews.com for the latest business headlines in New York. I'm Alexis Christopherus.