Renewable energy mandate proposed; home resales jump nearly 4%
CBS News
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[Music] the government is thinking green lawmakers are considering proposals to force the nation's utilities to get as much as 15% of their power from renewable sources by the year 2020 currently less than 3% of electricity in the US comes from renewable sources Wall Street will be pouring over a slew of New Economic reports this week as investors see if they can build on last week's gains we'll get the latest on consumer confidence income and spend and get a look at the nation's economic growth for the fourth quarter and we'll see how home builders are fairing with a look at new home sales for February on Friday we learned home resales jumped unexpectedly last month up nearly 4% the biggest increase in about 3 years thanks in part to Falling home prices well that kept stocks in positive territory giving the Blue Chips their biggest weekly gain so far this year the Dow Rose 20 points up 3% for the week but the NASDAQ moved down about three still though rallying 3 and 1 12% for the week call it pay as you go PayPal eBay's online payment service is working on a new design for mobile devices it will let you make payments for everything from Pizza to concert tickets from your cell phone or Blackberry PayPal expects the service to launch within the year that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus
New home sales hit 7-year low; Citigroup weighs 15,000 layoffs
CBS News
Transcript
[Music] don't hold your breath for a recovery in the housing market the latest report finds sales of newly constructed homes fell in February to the lowest level in almost 7even years meantime the supply of unsold homes on the market is now at a 16-year high that new sent stocks tumbling initially but in the end the Dow Jones Industrial Average finished just 12 points lower that's after falling more than a 100 earlier the NASDAQ Composite bounced into to the plus column up nearly seven a banking Powerhouse could be ready to hand out thousands of pink slips City group is reportedly thinking about laying off some 15,000 workers to improve its financial performance crude oil gushed past $63 a barrel the highest price this year that's after the UN imposed sanctions on Iran over its Atomic program and you have to Shell out more these days at the gas pump the latest lunberg survey finds the average price for gas is up 5.2 cents and last 3 weeks to 261 a gallon the postal service has picked the Liberty Bill as the design for its first Forever stamp a stamp that will pay the postal rate to mail a letter no matter when you bought it or how much the price of a stamp goes up the Forever stamp goes on sale April 12th at 41 cents the new first class mail rate that goes into effect May 14th that's your money watch click on cbsnews.com for more in New York I'm Alexis christopherus