July 30, 2008

the S&P 500 rose 1.7% to close at 1,284

2 news clips from this day

▶ Watch on the interactive crisis timeline

Campaign Battle Getting Fierce

CBS

Transcript

Thank you very much. for president are talking about the economy and each other. Senator Obama's words, for all their eloquence and passion, don't mean all that much. And that's the problem with Washington. John McCain took that swipe at his opponent when he spoke to workers in Colorado, an all-important swing state that is a must-win for McCain. Barack Obama also made his pitch to voters in another state that could go to either party, Missouri. I'm like John McCain. I'll pay for my plan by cutting wasteful spending and shutting corporate loopholes and tax havens rolling back the Bush tax cuts for some of the wealthiest Americans in the country. With less than 100 days before the election, the attacks are getting sharper on the campaign trail and where it matters even more, the airwaves. The McCain camp released its latest ad Wednesday taking aim at Obama's inexperience. He's the biggest celebrity in the world. But is he ready to lead? Another ad questions Obama's priorities. He made time to go to the gym, but canceled a visit with wounded troops. But Obama's campaign didn't wait long before firing back. The same old politics. As the candidates trade jabs over policy, their top advisers are focused on the vice presidency. Both sides are making their short lists of possible running mates even shorter, but so far neither campaign has tipped its hand about who will join the ticket. Susan Roberts, CBS News, Washington.

Bush signs housing bailout; GM to cut 5,100 white-collar jobs

CBS

Transcript

help is on the way for hundreds of thousands of struggling homeowners president bush signed the massive housing bailout bill into law this morning nearly half a million homeowners facing foreclosure can now refinance their mortgage into more affordable loans the law also offers a financial lifeline to fannie mae and freddie mac and tightens controls over the two government-backed mortgage giants on wall street a big rebound in oil prices couldn't cut a stock rally short the dow jumped points while the nasdaq added just 10. crude jumped four and a half dollars to just under 127 dollars a barrel on news of an unexpected drop in gasoline supplies even so gas prices continue to slip the national average is now 393 for a gallon of regular the price at the pump can't fall fast enough for automakers general motors plans to lay off 15 percent of its white-collar workforce that's about 5 100 jobs u.s automakers are looking for ways to cut costs as they struggle with a big drop in sales of trucks and suvs that's your money watch log on to cbsnews.com for more in new york i'm alexis christopher you