Fannie/Freddie bailout sparks 290-pt Dow rally; oil down 30%
CBS
Transcript
wall street is betting on a recovery in the housing and financial markets the government bailout of fannie mae and freddie mac sparked a buying spree the dow jones industrial average soared nearly 290 points the nasdaq closed up a more modest 14. the bailout had an immediate impact on mortgage rates bankrate.com says the rate on 30-year fixed mortgages fell half a percent to 6 percent monday we'll get a report card on the housing market today when we see how pending home sales fared in july opec meets in vienna today some members of the oil cartel are calling for a cut in production crude prices have dropped 30 percent in the past two months but there is concern that hurricane ike could damage oil rigs in the gulf and here's another sign of inflation the 99-cent stores are thinking about raising prices to over a dollar the chain has prided itself on 99-cent items since it was launched 26 years ago it is now one of the few dollar stores still in business but its ceo says change is now inevitable and that's your money watch log on to cbsnews.com for more in new york i'm alexis christophers