What a day on Wall Street with many focusing not on the lousy stock market, but instead on the unfolding prostitution scandal involving New York Governor Eliot Spitzer. Spitzer made his name serving as New York's Attorney General. In that role he was an anti-corruption crusader bent on forcing Wall Street to clean up its act. He played a key role in the ouster of Dick Grasso from the New York Stock Exchange. Today, he made no reference to the prostitution scandal, saying only it was a private matter and that he'd failed to live up to his own standards. The Governor gave no sign he had any intention of stepping down. The New York Times quotes a federal law enforcement official as saying Spitzer is "client number nine" captured on federal wiretap tapes arranging a meeting with a high priced call girl on a visit to Washington, D.C. last month.

In other news...

Stocks took another hit on fresh worries about liquidity at one of the nation's biggest brokerage firms. Bear Stearns promptly denied the rumors, saying there was no truth to the speculation. Adding to the drag on stocks, another surge in crude oil prices. NY crude settled at $107.90 a barrel. Those factors have both the Dow and the S&P 500 nearing bear territory, and as Suzanne Pratt reports tonight, many strategists think it's still too soon for individual investors to start bottom fishing. Also tonight, get your pencils and forms out... it's tax season, so we're kicking off our annual Tax Tips series with Kevin McCormally. McCormally will also answer your tax questions here on the NBR website.