Warning of yet another pullback in home prices. We have all that and more tonight on nightly Business Report for tuesday, october 7th. Good evening, everyone, and welcome. Stocks took a real tumble today. Closing at a twomonth low on weak manufacturing data out of germany. The economic engine of europe, and deepening worries about a slowdown in Global Growth overall. Thats after the International Monetary fund trimmed its outlook for Global Growth this year and next, singling out the troubled economies in europe, japan and latin america most especially. With that, stocks here sold off sharply after they did in europe. On wall street they began the day lower and stayed in the red all session long. They sank further into the closing bell. And the final numbers were brutal. The dow, off 272 points. Worst day since the end of july. The nasdaq was down nearly 70 points. And the s p 500 dropped almost 30. Sara eisen with the weaker forecast around the world as well as the one bright spot. Re
Jersey moving into bensalem. Mt. Laurel seeing heavier rain. Some precip rates have been threequarters of an inch per hour. The storms are moving pretty quickly. Also in medford lakes, tabernacle were seeing moderate rain too. This is moving to the northeast. Bensalem moving into that area right now. Bristol by 5 13. Falls by 5 21. That is where that rain is moving to. Weve seen quite a few storm reports. Center city philadelphia, the lens soaked. You can see what the weather is doing behind us. Big raindrops pounding our lens at the aquarium. This afternoon storms are the perfect reminder to get the nbc10 weather app on your smartphone and tablet. You can get alerts warnings the radar, alerts in your neighborhood. Its a Free Download like the nbc10 news app. There is a new investigator looking into a south new Jersey Police department. The cull ber land county prosecutor appointed someone to handle internal affairs in millville. After two supervisors in that department were charged wi
Safety. It was scary. It was shocking. Our cousin is a Security Guard in there. And his wife and baby were in there, but they got out okay. Reporter Police Arrived within minutes searching for the gunman in a crowd of thousands. Police went armed and yelling at to us close the gate so we closed the gate. They escorted us out, keep low, children first, the whole standard procedure. Reporter authorities said when they found the shooter, he had already killed himself. This mall is still an active crime scene with more than a million square feet, police tell us it will take some time to comb through the entire Shopping Center looking for evidence. We look in every closet, every room that we can get into. Its going to be an exhaustive search. Reporter and there are hundreds of witnesses to interview. You get 10 different people who saw the same incident, and theyre going to give you 10 different versions of it. Our job is to collect all that information and make it into a cothesive idea of
Beijing. In the earl will i trading in europe, you can see some green arrows. Modest advances. Everything below half percent increase. Germany looks like its the best performers up by close to half a percent. Hope you had a great weekend. Among our top stories, were talking this morning a lot about former treasury secretary tim geithner. Hes joining warburn pincus. Hes been a distinguished fellow. Hes conducted a series of seminars across the country. Hes in the process of writing a book. Well talk more about the story with politicos ben white in just a few minutes. Jpmorgan agreeing to pay 4. 5 million to settle claims for people who lost money on mortgagebacked securities. The bank reached that with 21 Institutional Investors and security trusts issued by jpmorgan and bear stearns which they acquired. Washington mutual which jpmorgan acquired and we should note that this deal is separate from the preliminary 13 billion settlement the bank had reached with the government. Youre talkin
Closing high. Tyler, just thinking about that, that was april 30th, our 25th anniversary and see if we can do it again today. I think the s p is trading at record high closing territory. Meantime, a heavy duty lineup on closing bell. Exclusive interviews with cant fitzgerald head and two friends who started with 200 have a brand worth millions. And will housing turn out to be a bad investment over the next decade . Kevin oleary says yes. Hes here to make the case that youre better off renting right now than owning a home and wait until you hear why. Heres where we stand in the markets. Tyler mentioned the dow is up a couple of points to 16,729. Still 15 shy of the record closing high. Take a look at the nasdaq which after underperforming for the last couple of sessions is trying to add 15 point today and the s p 500, keep a close eye on this one. The record high is 1924 just about, and were trading at 1926 right here with about an hour to go, tyler. Lets talk markets. Joining our Closi