Dow tanks 218 below 13,000; Citigroup faces $15B loss warning
CBS News
Transcript
[Music] consumers are feeling the pinch this Thanksgiving food prices are increasing and gas prices are up 13 cents a gallon in just the past two weeks the national average is now 309 and while costs are on the rise stock prices were in free fall the Dow tanked 218 points to close below 13,000 the NASDAQ tumbled nearly 44 Financial stocks led the selloff city group was downgraded by a Goldman Sachs analyst who predicts the banking Powerhouse will take as much as $15 billion in credit related losses and may cut its shareholder dividend retailers are gearing up for Cyber Monday designated by the retail industry as the official start of the online shopping season 75% of Internet retailers will offer special deals next Monday email campaigns one-day sales and free shipping offers retailers worried about the economy want to hook Shoppers early but that may be a challenge as consumers Hold On Tight to their wallets this holiday a new survey finds more than a third of American consumers will spend less this holiday season and they cite Rising energy costs as the main reason that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus