New home sales sink to 12-year low; Dow up 6
CBS News
Transcript
[Music] investors are bracing for the last trading day of 2007 after a volatile year for the markets Wall Street saw some new record highs with the Dow topping 14,000 for the first time ever and some steep drops triggered by the bursting of the housing bubble the credit Crunch and the mortgage mess investors will be focused on housing on the last day of the year as we get the latest news on home resales last week brought word that new home sales fell 9% November to the lowest level in 12 years that kept pressure on stocks Friday the Dow inched up six the NASDAQ closed down too Wall Street will also be waiting for the final jobs report of 2007 that's throughout this Friday economists are predicting the unemployment rate ticked up to 4.8% December and employers added about 70,000 new jobs but Macy's is making Cuts after the week holiday shopping season shutter nine underperforming stores the closings will affect nearly 900 employees Macy says that expects to open five new stores next year and as many as eight stores in 2009 analysts are predicting a lackluster end of the worst year for the Auto industry in nearly a decade automakers report December sales this week holiday discounts failed to bring buyers into the showroom and sales are expected to drop 4% that would bring the year- end total for US Auto Sales to just over 6 16 million Vehicles the lowest volume since 1998 that's your money watch log on to cbsnews.com for more in New York I'm Carter Evans