Dow drops 224 as oil rises; jobless claims hit 6-year high
CBS
Transcript
the stock market's two-day winning streak hit a brick wall a sell-off gathered Steam and late trading bringing the Dow Jones Industrial Average down 224 points while the NASDAQ lost 22 Traders reacted to a rise in oil prices and news that the unemployment lines got a lot longer last week the number of people signing up for unemployment benefits in more than six years as companies continue to hand out pink slips but there is a glimmer of hope in the depressed housing market pending home sales Rose nearly 5 a half% last month Wall Street was expecting a decline home sales are considered pending when the seller has accepted an offer but the deal has not closed yet Lexus once again tops the JD Power and Associates list of most Dependable cars it's the 14th straighte Toyota's luxury brand has held the top position and retailers may be dreading the end of summer just as much as kids Walmart leads the pack of major retailers who say their July sales figures were disappointing back to school Shoppers will find many stores holding special sales and promotions Staples for one is offering items like pencil holders and folders for as little as a penny that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus