jason brooks with kcbs and cbsmoneywatch.com joins us. >> good morning. this is going to be an absolute key for the markets going forward. we still have the same thing that happened last year on stress tests on banks here in the u.s., testing better than expected. the hope is that will be the case in europe. 91 banks being tested to see how they are handling their exposure to the debt crisis especially in places like greece, spain and portugal. if those banks can prove they are doing well and well capitalized to handle that exposure you can see the markets jump up. we have seen encouraging signs out of europe lately surprising after the couple of months that really rocked wall street. yesterday industrial growth grew more than expected in the month of june as one. big reasons, one of the catalysts why wall street rallied yesterday. a lot of earnings news fairly positive. microsoft, honeywell, mcdonald's and ford in particular proving that it's really doing well for u.s. carmaker. it's revenue was at $31.3 billion, profit of $2.6 billion. these numbers eas

let's go to jason brooks with kcbs and cbsmoneywatch.com. jason, good morning. >> good morning, john, good morning morning, sid any. we just heard from wells fargo. and they reported a decent profit increase of 12%. that beat expectation. revenue of about 21.4 billion pretty much in line with expectation. some of the keys with wells fargo is that it saw improving business with both commercial and corporate lending and also did see improvement in the amount of loan losses it's had to cover and slowing growth of delinquent loans that could possibly signal a turnaround in the mortgage market. also, apple reporting its numbers. another blockbuster from a.m. we really shouldn't be surprised by that. it's revenue of $15.7 billion was $1 billion more than expected. strong sales across all of its lines except for the ipod but in particular with the ipad about 3.3 million iphone sales of 8.4 million and even mac sales of over 3 million. the best quarter for mac sales and showed the ipad didn't cannibalize those numbers. yahoo's numbers were higher th

here now jason brooks with kcbs and cbsmoneywatch.com. so we're faring pretty well, aren't we? >> reporter: good morning. we are seeing very significant increases in prices according to the s&p kay schiller index. compared to may have last year, the bay area saw an 18.3% increase in prices. the next best was san diego, at just over 12%. prices coming back much better here, although if you look at what was selling last year at that time, it was a lot of short sales and foreclosures in the more inland areas of the bay area. those are simply cheaper houses so the prices have been brought up by some more expensive homes selling around san francisco, santa clara, marin, areas like that. overall, the market was up about 4.6% for those 20 markets. not that bad but prices will be pressured going forward because the federal tax credits have expired and the job market continues to struggle. stock market going for a fourth straight winning day. very strong. the dow it up over 400 over the past few days. earnings very strong from companies like lockheed martin, valero and dupont. the dow i

here now is jason brooks with kcbs and cbsmoneywatch.com. jason, good morning. >> good morning, sydnie. good morning, john. yeah, this is the latest stumble for the economy. durable goods orders dropping 1% in june when they are expected to rise a little more than 1%. slowing in different areas including metals, electronics, machinery, although there is one bright spot in there. computer orders were up 2.5%. that's being reflected by some of the bullish forecasts coming from chipmaker intel. a hardware maker hewlett- packard, software maker microsoft. so some good news for the tech industry in there. surprisingly, the dow is only lower by 14, nasdaq down only by 3, s&p off by2. i say "only" because boeing came out, its revenue missed its targets and lowered its forecast. that's one. biggest manufacturers in the country so that doesn't help the stock market. we have more earnings down the line as the fed releases the beige book later giving us another glimpse into the economy. google is making a foray into social gaming. they are looking into

jason brooks with kcbs and cbsmoneywatch.com joins us. so what have we got, apple, yahoo later on the today? >> some have already reported, though, haven't they? >> right. good morning, sydnie. good morning, john. apple and yahoo we'll hear from later today. we heard from ibm yesterday after the close and goldman sachs this morning. both disappointing. that's dragging down both the financial and tech sectors. goldman sachs reporting a profit 83% lower than a year ago due to lower trading revenue and also that more than half billion dollars settlement with the sec over fraud, and also with ibm reporting afghanistan yesterday's after yesterday. revenue from cautious business customers and the impact of the european debt crisis because the euro fell it made the dollar more expensive for products to buy for europeans and ibm got nailed there. that's dragging down the market quite a bit. right now, dow down 124. apple should probable report nice numbers after the close today. looking for profit increase of around 54%. revenue up 77%. basically

. >> here's jason brooks with kcbs and cbsmoneywatch.com. good morning. a brutal friday! >> good morning, sydnie. good morning, john. yeah, that wasn't any fun. we saw the dow drop over 260. a lot of that came from earnings that really disappointed especially from the big banks. bank of america and citigroup worry there is that the new financial regulation that have come through congress really hit those banks hard in many different ways particularly losing debit card fees and other things like that. bank of america's stock was down almost 9% on friday, down again 2% this morning. the market is coming back a little bit. that often happens after you see a big drop. we have had some decent earnings out this morning from delta airlines which is important for the travel sector, hasbro had some decent numbers. going to have a lot of big earnings this week, apple, microsoft, goldman sachs, ford. that's going to drive the market. right now the dow is higher by 65 points, nasdaq up by 19, s&p higher by 7. apple shares, by the way, down about 1% this morning. that's after their me

here now jason brooks with kcbs and cbsmoneywatch.com. some of in coming from the census workers? filing for unemployment? >> good morning. >> reporter: that is part of it. we also saw some other companies that do temporary layoffs and that was the reason for that big drop a couple of weeks ago and then we saw increase this past week up 37,000 to 464,000. no matter the reason, jobless claims are very high. we need to see that number below 400,000 to show improvement in the job market. and the unemployment issue is on of the main talking points by ben bernanke when he goes before congress yesterday and today. we have so many jobless out there that's continuing to hamper the economy, hamstringing the housing market. we'll have numbers on existing home sales for the prior month. probably won't be very good especially with the expiration of the federal tax credits. fortunately for wall street today which is rebounding getting a lot of positive earnings numbers out there including some real big companies that are very important barometers of the economy such as u.p.s. the world's bigge

jason brooks with kcbs and cbsmoneywatch.com. >>> 6:46. they are being called the toughest restrictions on the u.s. financial industry since the great depression. >> now it is up to president obama to sign the financial reform measure into law. yesterday, the senate passed the bill which would give the government new powers to break up companies that threaten the economy. it also aims to give consumers more protection in their financial transactions. the president is expected to sign it as soon as wednesday. >> and just to let you know, we are awaiting a statement from president bush in the rose garden before he goes on vacation. >> obama. >> i'm sorry. obama. where did i get that? >> i have no idea. [ laughter ] >> sorry. >>> there is a new line that's arrived at forever21 a popular teen clothing store. >> maternity clothes. some moms are saying that they are outraged, but we wanted to ask you what you think this morning. >> does that new clothing line send the wrong message? denny says he doesn't think the store is doing anything wrong a

, too, jason brooks with kcbs and cbsmoneywatch.com. >>> it is 6:50. san francisco has a new idea about how to make a little money. actually, charging people to drive around town. >> it's sold as a way to ease congestion and traffic and such in the city. here to ballpark about this is phil matier and the head of the san francisco county transportation authority. good morning, gentlemen. >> good morning. >>> let's look at this plan. we have a graphic i think that sort of shows it. one idea is to charge people $3 coming up and down from the south during rush hour. the second plan is to charge $3 to go in and out. what's pretty much downtown san francisco. you get a half price if you live in the district. the third idea is to charge $6 for people leaving at night. whether you are going up to marin on down south to the peninsula or to the east bay, a buck off if you take a bridge on the way out and half price from you there. my question to you, are you serious??? >> i think that congestion is a serious threat in the future -- to the future of the city, to