And the housing industry continues to see stellar growth. Single-family housing starts reach record levels in November, but experts question whether the industry can keep up the torrid pace. Also tonight, Motorola MOT hopes this man will make the right call.
All that glitters is getting really pricey! The price of gold hits a new year high, as demand ramps up for the precious metal. And experts are predicting gold will head higher still. Just how that should be done is turning out to be a tough call.
On Wall Street today, all the talk was about gold. Gold prices surged for the fifth straight session, hitting their highest level in 25 years.
As Erika Miller reports, analysts expect the gold rush to continue. Hedge funds and other big investors are flocking to the metal to diversify their holdings and get in on a craze for commodities. Financial assets have not been performing that well during the course of this decade and I think, in relative terms, gold and other commodities are viewed as being more attractive investments.
Safe-haven buying has been driving much of the gains. Investors worry about political problems in the Middle East, especially the nuclear tensions between the U. A weaker dollar has also helped push up prices.
And one of the instruments they may diversify into is gold. Gold is also viewed as a hedge against inflation. Some investors worry high oil prices will eventually push up the cost of most other goods and services. Platinum, for example, is at an all-time high.
Silver, aluminum and copper are all up sharply this year. Most experts predict gold will continue to climb. Already, some merchants have raised prices on gold items by as much as 20 percent from the start of this year.
That would break the all-time high hit in January Those high oil prices Erika mentioned eased a bit today. Spurring the slide, new government data showing domestic inventories of gasoline and crude oil climbed last week.
Experts had expected both numbers to be lower. Prices at the pump are more than 30 percent higher today than they were a year ago.
Crude oil prices are about 40 percent higher. Those higher prices spurred the House of Representatives today to approve new criminal and civil penalties for oil companies that price gouge. Also today, President Bush met with congressional Republicans and Democrats to discuss responses to high gas prices.
The president has asked Congress for the authority to boost fuel economy standards for passenger cars. The industry has already surpassed the current At a hearing of the House Energy and Commerce Committee, Democrat Ed Markey demanded the president set a mileage target for the fuel economy standard.
Pick a number, Mr. Pick a number because, in the end, it is not a lack of authority that is missing, it is a lack of leadership from President Bush.
Instead, it wants to change the way the fuel standards are calculated.Nightly Business Report cuts jobs, closes Chicago bureau By Dru Sefton, Senior Editor | December 18, A new round of layoffs at Nightly Business Report, initiated last week, pared full-time staff to 22, down by half from two years ago.
Business news anchor Susie Gharib signed-off the long running PBS show “Nightly Business Report” on New Year’s Eve. And yesterday, CNBC anchor Sue Herera took over alongside Tyler Mathisen.
Feb 14, · SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: There`s a call in Congress to beef up fuel economy standards for vehicles on U.S. roadways for the first time in 15 years.
Just how that should be done is turning out to be a tough call. SCOTT GURVEY, NIGHTLY BUSINESS REPORT CORRESPONDENT: There`s a new sheriff in town and by all estimates John Reed will leave his mark on the New York Stock Exchange, even if his reign as interim chief executive is, as he plans, only a few months in duration.
ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Susie Gharib, brought to you by -- (COMMERCIAL AD) SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Executive encore. Susie Gharib, who has been co-anchor of “Nightly Business Report” for the past 16 years, has left the business news show on public television.
Her last day on the air was Wednesday, a spokeswoman confirmed to Talking Biz News.