Jobs report due; Bush mortgage plan lifts Dow 175

CBS

Transcript

[Music] it's all about the job market today on Wall Street the government is expected to report that 990,000 new jobs were created in November and that the unemployment rate moved up slightly analyst say a weak jobs report could give the Federal Reserve one more reason to cut interest rates at next week's meeting while stocks rallied on Thursday ahead of that report after President Bush laid out the details of his mortgage plan which is expected to help about a mill ion homeowners avoid foreclosure the Dow gained nearly 175 points while the NASDAQ closed up 42 falling home prices and growing Mortgage Debt are cutting Americans net worth us households lost a record 128 billion doll in real estate equity in the third quarter that's compared to a $237 billion jump in equity last year and you'd better get used to $3 gasoline analysts say despite the recent $10 drop in oil price crude is still at historical highs and as a result gas prices are not expected to drop below $3 a gallon for some time that's your money watch log on to cbsnews.com for the latest business headlines in New York I'm Alexis christopherus

Mortgage rescue hotline swamped; Dow flat as jobs data beats

CBS

Transcript

[Music] homeowners are having trouble taking advantage of President Bush's mortgage rescue plan callers reported long waits to get through on the toll-free hotline and once they reached a counselor they were told there would be lots of Hoops to jump through to get the five-year freeze on their interest rate on Wall Street a better than expected jobs report had investors worried about whether the Federal Reserve will lower interest rates at next week's meeting the Dow Jones Industrial averaged up five points on the day while the NASDAQ slipped nearly three the government says employers added 94,000 jobs to their payrolls in November the unemployment rate held steady for the third straight month at 4.7% the housing slump credit Crunch and turbulence on Wall Street continue to make people uneasy about the economy consumer confidence fell this month to the worst level since Hurricane Katrina hit the Gulf Coast 2 years ago and you may have to put off plans for next year's tax refund done for a while with Congress still trying to work out a compromise that would eliminate the Alternative Minimum Tax the IRS says it may have to postpone the processing of early tax returns set to begin next month and that could mean delays for millions of people waiting for that refund check that's your moneyat click on cbsnews.com for more in New York I'm Alexis christopherus