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Marketplace: Friday, August 6, 2004
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A look at today's markets (closing numbers)
DOW 147.70 (1.48%) ;
NASDAQ 44.74 (2.46%) ;
S&P 500 16.73 (1.55%)
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Newscast
Don't say we didn't warn you. When the Dow took route 166 southbound yesterday, we said there were three factors: weak retail, high oil prices and uncertainty about the employment numbers due out on Friday. Well, on this Friday August 6th, the news turned out to be for the worse. Much worse, in fact. Today's report from the Labor Department shows a relatively small 32,000 new jobs were created last month.
The backdrop to the job numbers: rising oil prices. Now flirting with $45 a barrel...and some say the $50 or $60 a barrel range isn't unimaginable. Those numbers are unprecedented--but the scenario this sets up may be eerily familiar to anyone who remembers the Ford Maverick or the Chevy Vega.
The short version of the perfect storm scenario goes something like this. China is growing fast. It needs oil. Growth in the U.S. means additional demand too. But where's the supply going to come from? No-one's sure. What happens in Saudi Arabia? What happens in that showdown between Russia and Yukos? This sets a cycle into motion. Oil prices rise, people have less money to spend on other stuff. Retailers lose sales, then so do manufacturers.
Listen to all newscast items
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| Features
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Not-for-profit hospitals under the legal radar
Remember the attorney who made a billion dollars in fees from that multistate tobacco litigation? Earlier this summer, he started going after not-for-profit-hospitals. Richard Scruggs filed 40 lawsuits claiming some facilities intentionally overcharge the uninsured and use overly aggressive bill collecting techniques. Now, a Mississippi hospital chain has agreed to a settlement.
Reporter: Helen Palmer
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 Califa Thugs - Mr. Sancho
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Big banking moves in China
A signing ceremony was held in Beijings's Great Hall of the People today. The event was billed as the "most significant deal" for any foreign bank in China since that country started opening up its economy 25 years ago. Europe's biggest bank, H-S-B-C, is spending $1.7 billion to buy a big stake in one of China's largest state-owned banks. The business community there is ready for 'a little' more foreign influence in the banking system. Question is: how "little" is "a little"?
Reporter: Jocelyn Ford
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Fast as You Can - Fiona Apple
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What a week on Wall Street!
Time to check the week on Wall Street with stockbroker and business analyst David Johnson in Dallas.
Q + A: David Brown with David Johnson
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Mr. Policeman - Rick James
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You win some, you lose some...
After much ado about a doping investigation, Nike has decided to stick with track star Marion Jones. If you were watching the tube last night you might have seen her in a new sneaker ad. But what you didn't see in the spot was Jones's boyfriend, runner Tim Montgomery. He's facing his own charges of steroid use and today's Wall Street Journal says he was edited out of the ad. It looks like a 'track record' of doping allegations has left advertisers looking for some running room.
Reporter: Amy Scott
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Sharp Little Guy - Mark Mothersbaugh
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"No it's free. I don't want your money! Freecycle it"
With mortgage rates dropping slightly, perhaps you're thinking 'carpe diem'. A new, bigger, house. "A place for your stuff," as George Carlin used to say. But here's a thought. What about getting rid of some of that stuff? A fledgling Internet movement is matching up people who want to get rid of things with people who want more things. You know...one man's trash and all that. There's just this one important rule: absolutely no money can change hands.
Reporter: Rebecca Williams
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How much will it take to elect this president?
Forecasters are predicting a storm of campaign commercials sweeping through swing states this month. That's probably a safe forecast. The Bush campaign plans to spend at least $18 million in August. And while the Kerry campaign wont run ads until September, the Democratic National Committee and like-minded independent groups are making sure viewers don't suffer from withdrawal. They're set to spend at least $8.5 million. Our commentator says elections are just too expensive these days...
Commentator: Tim Bedore
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Coming up on Marketplace...
When good customers go bad...
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