Jul 19, 2008 7:19 am US/Eastern
CBS4 Your Money: The Week Oil Declined
The Federal Govt. Helps Two Largest Mortgage Banks With Public Money
MIAMI (CBS4) ―
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Traders work on the floor of the New York Stock Exchange.
Spencer Platt/Getty Images
On Monday, the week began with a frightening scene, angry customers being turned away from some of the branches of the failed IndyMac Bank of California. It was the latest casualty in the mortgage mess.
On Tuesday, Pres. Bush took to the airwaves to boost public confidence in mortgage giants Fannie Mae and Freddie Mac, and the stability of the U.S. banking system.
But there were signs of weakness in the corporate sector with General Motors announcing big job cuts at a similar time when there were further increases in the wholesale price level, contributing to higher levels of inflation.
On Wednesday, there was some positive news with a big drop in the price of oil, and losing more than ten percent on its high for the year.
On Thursday, more positive signs from the markets. The Dow Jones Industrial Average made significant gains and oil decreased to below $130 per barrel level. The U.S. Labor Department reported that Americans were still losing jobs, but it was slower than what was forecast.
On Friday, South Florida coffee lovers will have to drive a little farther for that morning caffeine jolt as Starbucks announced five stores will close soon in the area.
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