Dow's four-day winning streak; mortgage rate below 6%
CBS
Transcript
the markets were closed today for Thanksgiving investors return to my trading and we'll see if they can continue the winning streak on Wednesday the dow rose 247 points making it four straight days of gains the Nasdaq also gained ground grabbing 67 points Wall Street will be looking to see how many Americans go shopping tomorrow Friday officially kicks off the holiday shopping season analysts are predicting one of the worst seasons in two decades consumer spending accounts for two-thirds of total economic activity and it's getting a little easier to buy a home prices continue to fall and mortgage rates are at the lowest level in about two months the average rate on a 30-year loan is below six percent this week at five point nine seven percent at the New York Stock Exchange I'm Alexis Christopher's
The Squeeze On Charities
CBS
Transcript
Christmas they say it's better to give than receive but this year the giving isn't keeping up with the need come on folks where's your donation in the b sir at the Salvation Army furniture and clothing donations are down 20% Nationwide but need is up last year 6 million people asked the organization for help this year that number has almost doubled to between 10 and 12 million utility assistance uh mortgage payments uh providing housing short-term housing Nationwide nonprofits received $36 billion doll last year that's projected to Fall by 8 to 10 billion this year of almost 3,000 Charities recently surveyed 35% have already seen a drop in giving to make ends meet nonprofits have been faced with a stark Choice turn people away or fire some of their own staff Susan G Coleman's Race for the Cure has already cut staff by 16% the Washington National Cathedral just laid off 30% of its Workforce a trend expected to spread I don't see a recovery in the charitable sector from a financial standpoint for a good 8 to 10 months all through next year essentially through most of next year just when Americans need help most 50 new families a day are coming to this Virginia Food Bank I have three children I I have no help I pay my bills I pay rent just to make ends meet sometimes I have to come here each dollar donated here can feed up to eight people take that cash away and we're going to run out shortly weeks yes clearly something has to give or someone the American public has never let charity down because they're letting themselves down if they do so they will step up to the plate they will we won't know the answer to that until January Charities receive up to 30% of their annual giving right now Kimberly doer CBS News Falls Church Virginia