Dow rallies 190; April jobs report expected to show 80K losses
CBS
Transcript
Wall Street is bracing for the April employment report economists predict a jump in unemployment to 5.2% they also expect to see that 880,000 jobs were lost last month investors will also get earnings news today from companies including Chevron and Viacom on Wall Street stocks rallied Thursday the Dow Jones industrial average shot up 190 points the NASDAQ Composite raced ahead about 68 it's more expensive this week to finance a home but the price of refinancing is lower the average interest rate on a 30-year mortgage Rose to 6.06% that's the highest level in about 2 months on a 15-year mortgage popular with refinancers the average rate dipped 5.59% the airlines are expected to combat record jet fuel prices by offering fewer seats experts are predicting Airlines will cut capacity 20% by this time next year to drive up demand and ticket prices that's the equivalent of shutting down a carrier the size of American Airlines which operates for 4,000 flights a day and General Motors is looking for more sources of ethanol for its flex fuel vehicles it's hooking up with a renewable energy company to develop ethanol from sources other than corn including wood chips and waste paper that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus