Federal minimum wage rises to $5.85; Dow tanks 226 on mortgage fears
CBS News
Transcript
[Music] the nation's lowest paid workers get a raise today the federal minimum wage jumps 70 cents to 585 an hour it's the first increase in a decade two more upcoming hikes will bring the minimum wage to 725 in 2009 the first increase earns a full-time worker just over $112,000 a year the federal poverty level for singles is just over 10,000 on Wall Street stocks stumbled on disappoint wi earnings news and worries over the mortgage Market meltdown the Dow tanked 226 points while the NASDAQ plunged 50 mortgage lender Countrywide Financial posted a 33% Plunge in profits and signaled that problems in the subprime mortgage Market may now have spread to the highest quality Prime Home Loans the slowing market for pickup trucks has General Motors hitting the brakes on production GM will cut the number of GMC Sierra and Silverado pickup trucks at prod uses at its Pontiac Michigan Assembly Plant it will also lay off an unspecified number of workers and Starbucks is giving its coffee prices a jolt raising coffee drinks by 9 Cents by the end of the month Starbucks blames the rising cost of dairy products and gasoline that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus