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Marketplace: Friday, July 30, 2004
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A look at today's markets (closing numbers)
DOW 10.47 (.10%) ;
NASDAQ 6.30 (.33%) ;
S&P 500 1.29 (.12%)
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Newscast
Lax management, fraudulent contracts, missing money, missing equipment, missing paperwork... 'no way to run a business' you say. But that's what the auditor says on this July 30th - about the U.S. reconstruction program in Iraq. The Pentagon's inspector general today issued his second report to Congress.
We have some important new numbers worth juxtaposition. First, a White House report out today projects a record budget deficit this year - $ 445 billion. The good news is it's less than what the White House projected earlier. Second, the administration's raising projections for the economy--saying it expects overall growth of 4.7 percent in 2004. That might seem on the optimistic side, once you hear the next item. This one is not a projection. The government says in the second quarter the economy grew less than expected.
So why did the economy seem to be cooling off? Well, in part, because...many people weren't trying to cool off. In the northeast, for example, temperatures were around 6 degrees lower than usual.
We're taking some time with the GDP here because its the broadest measure of economic activity we have. If you're at a cocktail party and you're asked about the state of the economy, you can bluff your way by mumbling something about Wall Street...but if you talk about the GDP you're covering every sector of the economy.
Listen to all newscast items
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| Features
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The Black Wall Streets
In the years before integration, many U.S. cities had flourishing African-American business communities. Some were so prosperous they were dubbed "Black Wall Streets." The phenomenon has inspired a conference - which opened today in Durham, North Carolina. The organizers hope to make business history - not just study it.
Reporter: Leda Hartman
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Wall Street and two guys named David
Marketplace host David Brown rounds up this week on Wall Street with Dallas Stockbroker David Johnson, and looks ahead.
Q + A: David Brown, with David Johnson
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WTO goes into trade discussion overtime
Negotiators at the World Trade Organization failed to reach an agreement by midnight - Geneva time. That was the deadline for a new framework for talks on free trade. But because they are believed to be close to an agreement, delegates from more than 140 countries are expected break out the coffee pots and work through the morning.
Reporter: Stephen Beard
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A rough road in China
Today FedEx said it wants to more than double its weekly cargo flights from the U.S. to China. Another sign of China's economic boom. Or at least that's how it appears from over here. Over there - it depends on where you live. People in China's countryside make only one-third of what their city cousins make. To address the disparity, the Chinese government hopes to lure 150,000,000 peasants to the cities in the next decade or so. But the road to the city may not be a smooth one.
Reporter: Jocelyn Ford
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Coming up on Marketplace...
Engineering for disaster?
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