GM hikes 2008 model prices; gas demand falls near $3
CBS News
Transcript
americans are starting to hit the brakes at the pump gasoline demand fell for the first time in years according to a new survey as gas prices hold near a national average of three dollars a gallon now we've seen three dollar gas before but only in spurts analysts say this year the record high prices seem to be sticking get ready to dig a little deeper at the dealer general motors will be hiking prices on most of its 2008 models by one and a half percent to recover from rising steel and commodity costs the price increases which will be between a hundred and five hundred dollars on most vehicles goes into effect december 19th gm is also offering buyouts and retirement incentives to 5200 hourly union workers vm workers chose retirement or buyouts last year turning to wall street now some strong earnings news helped the market snap a two-day losing streak the dow rallied 65 points the nasdaq climbed 21 and it is the end of an era in media ownership the fcc voted tuesday to overturn a 32 year old ban and allow tv owners in the nation's 20 largest media markets to also own a newspaper fcc chairman kevin martin pushed the vote through despite intense pressure from house and senate members on capitol hill to delay it that's your money watch be sure to log on to cbsnews.com for more in new york i'm alexis christopher