Home equity cash-out refinancing at 4-year low

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fewer Americans can tap their homes for Quick Cash the percentage of homeowners who are refinancing mortgages for cash is at a 4-year low homeowners tapped $29 billion in home equity last quarter that's down from 36 billion in the previous period because homes are falling in value fewer people are now qualifying for what's called Cash Out refinancing and the banks are getting more strict about lending Wall Street will try to make it four winning weeks in a row on Friday the Dow rallied 48 points but the NASDAQ slipped about four on the earnings front expect reports from Cisco Systems Fanny May Disney and insurance giant AIG will also find out how tight-fisted consumers were last month when retailers released their April sales figures including Walmart and Target the government is Banning genetic discrimination under a bill passed by Congress companies would no longer be able to use genetic information to make insurance or job decisions that includes a person's genetic predis position for breast cancer or diabetes President Bush is expected to sign that bill into law and that's your money watch be sure to log on to cbsnews.com for more in New York I'm Alexis christopherus

Oil tops $120 a barrel; Microsoft drops Yahoo bid

CBS

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Crude oil broke another record. It topped $120 a barrel on renewed worries about oil supplies. New militant attacks in Nigeria disrupted supplies from Africa's biggest oil producer. The runup in oil prices is creating more pain at the pump where the average price of gas jumped 15 cents in the past two weeks to 362 a gallon nationwide. According to the latest Lunberg survey, that spike in oil prices and the falling value of the dollar took a toll on stocks. The Dow sank 88 points. The NASDAQ fell back 13. Yahoo's stock was in freef fall. Shares fell more than $4 after Microsoft walked away from negotiations for a merger. Yahoo had rejected a nearly $50 billion takeover offer. But there is progress to report in talks between United Airlines and US Airways. United is looking for a new partner after negotiations fell apart last month for a merger with Continental. And Walmart is lowering its prices on prescriptions. It will now charge $10 for a 90day supply of many generic drugs. And it's reducing the price of more than a,000 over-the-counter medications to four bucks or less. And that's your money watch. Log on to cbsnews.com for more. In New York, I'm Alexis Christopherus.