. >> susie: i'm susie gharib. also tumbling: oil prices. but that could mean more money in your pocket. >> tom: with europe's economy in crisis, we look at the differences between the european central bank and the u.s. federal reserve. >> susie: that and more tonight on "n.b.r.!" >> susie: a nasty stock market sell off today, after a batch of weak economic reports signaled the global economy is in trouble. the dow plunged 25points, the nasdaq tumbled 71, and the s&p 500 lost 30 points. stocks got off to a bad start after the labor department reported a small drop in the number of people applying for jobless benefits. a key regional manufacturing index showed that business conditions and new orders deteriorated according to the philadelphia federal reserve, the worst showing in about a year. >> susie: also two closely watched manufacturing readings from china and europe were weak, underscoring the slowdown in critical international markets. >> tom: one bright spot: lower oil prices. gas prices tonight are at their lowest level since february

. >> susie: good evening, everyone. i'm susie gharib. home prices build a foundation, marking their first month-to- month gain this year. >> tom: i'm tom hudson. europe talks about breaking down country boundaries for some banking rules. could that help end the euro- zone crisis? >> susie: and breaking up may not be so hard to do. news corp is the latest company to consider splitting itself into different companies. >> tom: that and more tonight on nbr! >> tom: for the first time in seven months, home prices across the nation showed month-to month gains. the s&p/case-shiller 20-city housing index increased 1.3% in april from march. only detroit posted a decline, with prices there falling 2.1%. prices in all the cities were still down from a year ago, though. suzanne pratt explores what the latest data suggests about housing. >> reporter: this stunning soho penthouse has been on the market for three months. it's priced at an equally stunning $4.75 million. with its wraparound terrace and loft sophistication, listing agent heather mcdonoug

. >> susie: i'm susie gharib. apple debuts new software and laptop updates, but investors aren't jazzed about them. >> tom: and we focus on small business this week. after less than a year this miami music school already has its business tuned up. >> susie: that and more tonight on "n.b.r." >> susie: american investors gave a vote of no confidence today on spain's big bailout plan. stocks fell sharply on skepticism that the $125 billion rescue package for spanish banks announced over the weekend will halt the financial crisis, and the guessing game has already begun on which european country is next on the worry list. erika miller reports. >> reporter: spain is the fourth country in the eurozone to need a bailout. but there are expectations that a fifth is coming soon. cyprus is expected to request aid any day now, to protect its banking system from the growing european financial crisis. the money it needs won't strain europe's rescue fund. but the request would still serve as a painful reminder the crisis is spre

. >> susie: good evening, everyone. i'm susie gharib. tom is off tonight. an election win for greece's pro-bailout party leads to new hopes for the eurozone. president obama attends the g-20 summit in mexico, where the focus is europe's debt crisis. and with a key federal reserve meeting coming up tomorrow, we kick off a week long look at the fed and whether it's done too much or too little to boost the u.s. recovery. that and more tonight on "n.b.r." president obama welcomed today the greek election results, saying it's a positive step in stabilizing the world financial system. he's in los cabos, mexico where he is meeting with leaders of from the world's top 20 nations for a two day summit. a big topic at the summit will be greece's sunday elections, where the centrist new democracy party won the most votes and was asked to try to form a coalition government. president obama called on world leaders to work together to boost the global economy. >> we are going to be working under your leadership with our european partners and with all countries to make sur

. >> susie: i'm susie gharib. we're half way through 2012; we'll look at the market outlook for the rest of the year. >> tom: then the housing market may still be weak but home renovations are making a comeback. what's driving the re-modeling and can it continue? >> susie: that and more tonight on "n.b.r." >> susie: it was an isolated incident and it won't happen again. that's what jamie dimon told lawmakers on capitol hill today about j.p. morgan's massive trading loss. he said the bank's traders got complacent, but added j.p. morgan would be solidly profitable in the second quarter. darren gersh reports. >> reporter: the high profile hearing began with protests. >> stop foreclosures now. stop foreclosures now. >> reporter: and then it turned to explanations and apologies. dimon blamed his bank's big trading losses on poor internal oversight and a switch to a new risk management model. >> this portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks. as a resul

. >> susie: that and more tonight on nbr! >> susie: a solid stock market rally on wall street today as investors are counting on the federal reserve to jumpstart the economy. central bankers began a two-day meeting today. expectations are high that policymakers will do more to drive down long-term interest rates. >> i think there's probably the hope that something comes out of fed chairman bernanke's speech tomorrow that gives markets a positive tone. and i think there's buying being done ahead of that. >> susie: investors are speculating the fed will announce another round of bond- buying, continue its so-called "operation: twist" program, or unveil some other stimulus. the dow rose 95 points, closing at its highest level since early may. the nasdaq gained 34 and the s&p 500 tacked on 13 points. meanwhile, some encouraging new data out today shows the housing market may be healing. even though housing starts dropped in may, they were revised significantly higher for april. on top of that, builders filed more permits to build

s we'll see you tomorrow. >> susie: you as well tom.e'll see everyone online at: www.nbr.com and back here tomorrow night. "nightly business report" is brought to you by: captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org

. >> susie: good evening. i'm susie gharib. the federal reserve announces a new "twist" to boost the slowing u.s. economy. >> tom: i'm tom hudson. central bankers will continue buying bonds hoping to lower interest rates even more. former fed governor randy krozner joins us. >> susie: and the "tide" turns for procter and gamble, the household products maker blames europe for slower growing profits. >> tom: that and more tonight on "n.b.r.!" >> tom: the federal reserve said today it's extending its latest stimulus program to prop up the u.s. economy. but investors wanted to see more aggressive action. after a two day meeting, here's what the central bank decided: it renewed "operation twist", this is a bond-buying program with the goal of bringing down long-term interest rates, and mortgage rates. the program is extended to the end of 2012, it was set to end on june 30. that wasn't good enough for wall street: the major averages fell immediately after the news, and then see-sawed the rest of the day. by the close the dow lost ab

. >> susie: i'm susie gharib. u.s. markets soar, on word of that deal in europe, the dow jumps 277 points. >> tom: our look at the foodie craze continues, with food trucks. how these mobile restaurants are driving the latest trends in gourmet food. >> susie: that and more tonight on "n.b.r." >> susie: a huge stock market rally today, after european leaders surprised investors with a new plan of big financial reforms. as europeans wrapped up a two- day summit, they called the deal quote a "breakthrough." the key reforms: a banking union for the euro-zone, and a more liberal bailout fund, to support the region's troubled countries. investors had low expectations from this 19th summit, but the news sparked buying in the u.s. and markets around the world. the dow surged 277 points or a little over 2%, the nasdaq added 85, and the s&p up 33. europeans still have many details to work out. the question now is whether the measures are enough. >> susie: by the end of the year, european leaders hope to have a single banking regu

. >> susie: i'm susie gharib. new home sales gain ground in may, rising to their best level in two years, so is housing finally on the mend? >> tom: and no ruling on health care reform from the supreme court today, but the high court did weigh in on immigration, campaign finance and bernie madoff. >> susie: that and more tonight on "n.b.r." another rough day on wall street with another stock market selloff. the major averages fell 1% or more, as frustration builds there will be little success at this week's summit of european leaders in brussels. adding to the pessimism word that two top greek officials will not attend that key meeting for health reasons. the dow tumbled almost 140 points, the nasdaq lost 56 and the s&p 500 fell 21 points. suzanne pratt takes a look at what's troubling investors. >> reporter: talking with traders here at the new york stock exchange today about what's bugging investors, you guessed it. it starts with an "e" and ends with an "e": europe. specifically, spain's official request for a