Gaza conflict lifts oil; Dow caps worst year since Depression
CBS
Transcript
violence in the Middle East is pushing up the cost of oil trading prices hit over $40 a barrel today there's concern that the conflict between Israel and Hamas in Gaza could escalate and disrupt oil supplies the rise in oil prices caused stocks to fall the Dow dropped more than 31 points the NASDAQ lost almost 20 at the New York Stock Exchange there are only a couple of trading days left before the new year 2008 has been one of the worst years for stocks since the Great Depression America's biggest companies have been clobbered falling almost 41% so far the recession has wiped out more than seven trillion dollars from the market it's payday for two of The Big Three us automakers General Motors and Chrysler are scheduled to receive the first of three installments in government loans over the next two months Chrysler will get $4 billion from the treasury Department GM will get more than 9 billion the company that loans customers money to buy GM vehicles also needs a bailout GMAC has been trying to qualify for government dollars but it's not yet known if it has if the company files for bankruptcy credit for GM dealers and customers could dry up in New York I'm Katherine Brown