Oil hits $100 a barrel for first time; Dow tumbles 220
CBS
Transcript
[Music] not exactly the way you want to kick off the new year on Wall Street crude oil hit $100 a barrel for the first time that sparked recession fears and ignited a sell-off on Wall Street the Dow tumbled 220 points the NASDAQ Composite plunged 42 analysts say the $100 milestone for oil reflects the Outlook that Global demand for oil will continue to outstrip Supply more violence in oil Rich Nigeria and a halt in Mexican crude imports also put pressure on prices the new record for oil is expected to translate into higher prices for heating oil and gasoline millions of $40 government coupons are now available to help low Tech television owners buy special converter boxes for older TVs that might not work after the switch to digital broadcasting starting in February of next year anyone still using an antenna will need to have a set capable of receiving a digital signal and did you get a book for Christmas you already have maybe a sweater that's just not your taste well instead of throwing them in the back of the closet regi them on eBay the online auction site says more than a million rejected Christmas gifts have been posted on its site each day since Christmas some still in there wrapping sales of unwanted gifts are expected to top $2 billion and that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus
Markets open 2008 with housing fears; Dow ended 2007 up 6%
CBS News
Transcript
[Music] it's back to work on Wall Street and investors kick off a new trading year today some analysts are hopeful we could see an end to some of the financial problems that plagued Wall Street in 2007 but with the housing slump expected to continue into next year there are still fears we could see a recession in 2008 after a volatile year for Wall Street the markets ended higher for 2007 the Dow Jones Industrial Average finished the year up over 6% the tech havy NASDAQ fared better ending up nearly 10% for 2007 on Wall Street Monday the Dow lost 100 points the NASDAQ closed off 22 investors will be looking for the latest report on construction spending that's due out this morning also on the docket this week December and year-end sales figures from automakers and the all important monthly jobs report investors are also going to be keeping an eye on oil prices which remain within Striking Distance of of $100 a barrel in 2007 crude surged 57% its biggest yearly gain since 1999 ending around $96 a barrel if saving money is one of your New Year's resolutions here are some tips from the pros that can help you say big in 2008 move extra cash out of your checking account and into a high yield online savings account interest rates are still as high as 5% and if you're worried about identity theft freeze your credit files that prevents creditors from opening new accounts in your name also change those light bulbs replacing your traditional bulbs with compact fluoresence can save you up to 75% on your lighting bill that's your money watch log on to cbsnews.com for more in New York I'm Carter Evans