It's been an up and down week on Wall Street. Today the Dow opens way down, but there is some good news that the housing market could turn around.
Sales of existing homes rose by 2.9 percent in April. Realtors estimate homes in foreclosure accounted for nearly half of those sales.
Low interest rates on 30-year fixed mortgages and an $8,000 federal tax credit for first-time homebuyers have given some the confidence they need to own.
President Obama says the country has "stepped back from the brink."
“When you look at the economy right now I think it’s safe to say that we have stepped back from the brink, that there is some calm that didn’t exist before,” he added.
On the down side, it appears General Motors is headed for bankruptcy. GM’s investors have rejected the company's proposal to swap the debt it owes for a 10 percent ownership stake.
The GM report yesterday lead to the Dow dipping 173 points. It will open this morning at 8300.
Also, we have learned Toys R Us will buy high-end retailer FAO Schwarz, which has struggled for years through bankruptcies amid tough competition from discount stores.
