Cyber Monday launches; Dow tumbles 237 on financial-sector fears
CBS News
Transcript
[Music] Ready Set click millions of Americans are expected to log on and shop online today it's Cyber Monday and many online retailers are hosting one-day sales or making special offers to get your business in total Americans are expected to spend $33 billion holiday shopping online this year good news for retailers but bad news for employers who could lose half a billion dollars as employees steal time from their jobs to click their way through their holiday shopping list and despite predictions of a dismal holiday shopping season people were out in full force over the Thanksgiving holiday retail sales Friday and Saturday combined were up more than 7% from the same time last year on Wall Street investors overlooked the good news from retailers and focused instead on more troubles in the financial sector the Dow tumbled 237 points while the NASDAQ Composite lost 55 City Group could announced massive layoffs amid the credit Market crisis the bank is not confirming how many workers it will let go but says it needs to lower costs earlier this year before the credit Crisis City Group announced 17,000 job Cuts that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus
Post-Thanksgiving rally holds; housing data, consumer confidence ahead
CBS News
Transcript
[Music] investors are hoping to keep the post Thanksgiving rally going after a shortened trading session on Friday gave stocks a big boost the Dow Rose 181 points the NASDAQ up a sharp 34 this week the housing market retakes the spotlight on Wall Street as we get the latest news on new home sales home resales and construction spending despite falling home prices and mortgage rates analysts are not seeing any coming end to the housing slump investors will also be on the lookout for reports on consumer confidence personal income and an update on third quarter economic growth plus earnings news from companies including Staples Dell and Sears also keep an eye on shares of U that's the parent company of United Airlines this coming week the struggling company is reportedly still open to a possible merger and is even considering selling some assets to make itself more attractive Delta shot down talk of doing a deal with uel earlier in the month well the next time you see a police car on the road it may look a bit different the Dodge Charger is aiming to challenge the Ford Crown Victoria as the chief of police cars the charger has been gaining market share thanks to its speed and handling in a market that sells 75,000 Vehicles a year still that's a tiny fraction of the 16 million cars expected to be sold this year that is your money watch head to cbsnews.com for more in New York I'm Susan mcginness