Rebates Fail To Dispel Fears
CBS
Transcript
turning now to the CBS News money watch Wall Street is this close to a bare Market by most definitions that means a 20% drop from the market High and the Dow is off by 19.9% since October today it closed down by nearly 107 points it's down about 10% this month making it the worst June since Believe It or Not 1930 when the Dow fell by nearly 18% during the Great Depression and as stocks tumbled oil kept rising to a new record just just under $143 a barrel before settling back to 140 so what can investors do to write out the storm here's Jeff clor about the only good thing about the week on Wall Street is that it's over now the question is whether a market that dropped into bare Market territory keeps falling or pulls itself up from worries about housing oil and even more losses among America's biggest banks I'm really concerned about the market drop really Howard and Norma Goldberg went to financial adviser Michael Crush today for reassurance his advice stay calm the first thing I tell anybody right now is to make sure you go to your medicine cabinet and get out a little Prozac because there are some positive signs for the economy consumer spending was actually up in May personal income too the highest level since 1975 why you can thank those government stimulus checks more than 94 million people have received re their one-time payments a total of nearly $78 billion a lot being spent immediately the rebate checks are going to go towards stuff you need now yes immediately you know food on the table paying my rent putting Gest in my car Walmart tells CBS News they're seeing sales of basic items and home entertainment DVDs and game systems assigned people may be staying home riding out a financial storm that may be months from clearing what a consumers do 3 4 months from now if they're still losing jobs and their rebate checks obviously are a one-time deal so what do consumers and investors do the financial experts repeat to us do not panic Katie right now easier said than done that's for sure Jeff glor Jeff thanks so much