Gustav threatens oil output; Dow sinks 171, income at 3-year low

CBS

Transcript

a storm of worries plagued Wall Street a drop in personal income more bad earnings news and higher oil prices ignited a selloff the Dow Jones Industrial Average sank 171 points while the NASDAQ tumbled 44 crude oil briefly topped $118 a barrel as tropical storm Gustav heads towards oil production facilities in the Gulf rigs and refineries have already been evacuated experts say gas could Spike to $5 a gallon if production is hit gas prices are higher for the first time in more than a month the national average Nationwide inched up nearly a penny to just under 367 a gallon Americans spent more than they made last month personal income fa to a three-year low in July as the temporary Boost from the stimulus checks faded at the same time spending Rose slightly As Americans paid more for groceries and gas and shares of Dell tumbled more than 133% after quarterly earnings at the PC giant left Wall Street unimpressed that's your money watch track the latest business headlines at cbsnews.com in New York I'm Alexis christopherus

Notebook: Campaign Showdown

CBS

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Democratic Convention ends and the party prepares to leave Denver how do they assess how they did well certainly their worst fears were not realized Hillary Clinton's full throat endorsement Bill Clinton's Embrace of the younger Obama has put an end to that Clinton Obama Feud moreover the Democrats know that history is on their side they have an extremely unpopular president of one party trying to turn the White House over to a candidate of his own party and that very rarely happens but if the Democrats think that they are in any certain shape they don't know history Republicans have proved over the better part of 20 years they are very skilled in defining Democratic candidates as out of the mainstream elitist not understanding the average American and that's one of the things the Republicans plan to accomplish in Saint Paul as well as defining John McCain as a steady reliable leader in a time of Crisis the key to what the Democrats tried to do was to say to that undefined middle we understand your problems and we have solutions to them and they are in the hands of someone in Barack Obama who understands you and appreciates your concerns and your values that is the key to this campaign that's a page from the reporter's notebook sitting in for Katie Couric I'm Jeff Greenfield