we are going to check in with jason brooks with kcbs and cbsmoneywatch.com. jason, the greek prime minister really kind of surprising a lot of the other leaders out there today. >> prime minister of greece throwing a big curve ball into this game. last week, everybody was feeling good that, okay, european leaders have come up with a plan to attack greek's debt crisis in the short term. it didn't take long for that to unravel. the greek prime minister wants the public to vote on whether or not the government should be in favor of this bailout. greece is essential to this. if greece doesn't go along with it, it increases the likelihood of a greek default meaning major european banks could face total losses on their greek debt holdings. and that could hammer many of them into submission. it would take tremendous government intervention to keep those banks from failing! this is a huge issue. as a result, stock markets around the world have been selling off in a big way. european markets and here in the u.s. we started yesterday with this, the dow loss 276 yesterd

. >> here now to talk about that, jason brooks from money watch. here we go again. >> yeah, just another day of heavy selling. investors simply perplexed that after all the warnings, when standard and pores downgraded the u.s. credit rating from aaa status, they were wondering how that message would be received by politicians. we've got huge debt issues in europe as well. combine these two things together, and does it not show any good signal for wall street. look at the numbers. pretty ugly. down by 273 points at 11,523. the nasdaq falling bey 54 points, s & p down by 25. there are fears that a lack of a deal could lead to another credit downgrade which in theory would raise borrowing costs, making it even harder to pay down the debt. that didn't happen over the summer. instead, money has flowed into treasuries keeping borrowing costs very low. the 10-year note, followed by many different borrowing instruments, including mornings is actually below 2% right now. it is still going down today with more money going into treasuries. so treasuries are s

in 15 minutes, kcbs moneywatch reporter jason brooks will update the numbers for us. >>> good morning. it's friday, right? >> it is. >> yeah. november 4. i'm frank mallicoat. >> i'm grace lee. it is 6:30. a little rainy this morning and chilly. >> but it doesn't matter because it's friday. lawrence? >> exactly. feeling good either way. looks like friday starting a little wet but we're really watching the storm system wind down now. a few leftover showers in the south bay but that's about it. improving weather throughout the day but it's going to be cool and brisk. all that cold air come in from the gulf of alaska. another storm is on the way. that's a look at weather. let's check on traffic now with elizabeth. >> thank you, lawrence. we are going to start off with a look at the sierra where there are chain requirements this morning on interstate 80. you can see from this camera that several cars are on the right shoulder. we are getting busy is he bay bridge so we'll check that plus mass transit all coming up in a full report in a few minutes. >>> five hours and a lot of yelling. >> i

we're checking in with jason brooks with kcbs and cbsmoneywatch.com. what's going on, jason? >> reporter: good morning, grace. good morning, frank. we're just more of the same with the euro debt crisis. that horrible day one day and a bounceback the next. yesterday the blue chips lost 400 points all centered on political and economic instability in italy. markets feeling a little better about italy. the country sold about $6 billion worth of bonds at a much lower interest rate than what was expected to be selling. that's key to keep those yields on italian bonds low enough so it can service its debt and avoid a potential default. there just isn't enough bailout money in europe to take care of italy like it's trying to do with greece which is much smaller than italy. so a little optimism there. some better news on the u.s. job market. weekly jobless claims fell by 10,000 to 390,000, the lowes level since april. the problem over the past several months is we have seen claims dip below 400,000 but then shot back up past that. need to see it sustained below 400,000 but the market

we are checking in with jason brooks with kcbs and cbsmoneywatch.com. and investors seem a little indecisive. >> reporter: good morning. the turmoil just continues in europe. looks like we are getting some leeway and headway on greece at least as its prime minister will step down so a new government can be formed in order to hammer through that country's bailout to avoid default. and now there are new worries over italy. a lot of investors are worried that premier silvio berlusconi may resign but he is denying it. as a result, yields on italian bonds are going to record highs. that means it's going to be more expensive for italy to pay down its ever worsening debt. italy is europe's third biggest economy. if italy was to face the road of default, the recent debt deal wouldn't cover it and would cause problems in europe. so europe is the prime focus in wall street's eyes this morning once again. groupon had a good debut on friday. the daily deal site saw its shares spike 31% at the close after initially pricing at $20 a share. that put a valuation of abo

we'll check in with kcbs moneywatch reporter jason brooks coming up. t be y ,,,,,, sure, pulling the mold, mildew, and grime from out of the porous caverns of grout takes the right tools, but it also takes a gentle, caring touch. before you can deep clean, you learn to get a feel for its trouble spots. and hey, if you can't listen to grout, you can't truly know its wants...its needs...its dreams. ♪call 1-800-steemer. so i just started wearing this helmet instead... which, you know, it's... to me it makes sense. i mean, it can get awkward sure, when you're meeting new people but i just explain to them that i wear it because i dropped my insurance plan, and they're like wow, this is a smart guy. i mean they don't say that out loud, but... [ male announcer ] we know it can be tough out there. that's why we offer a wide range of plans for a wide range of budgets. blue shield. it won't be such a happy holiday >>> if you are a muni rider there are delays this morning on the n line. chopper 5 just got to the scene of where there was some damage this morning

thank you, jason brooks with kcbs and cbsmoneywatch.com. have a great day. >>> we want to check back in with our cbs 5 political analyst joe tuman to talk more about elections, particularly the ranked choice voting here in san francisco. and i'm just starting out, we still don't have an exact result. how long do you think this is going to take before we know who is going to be our next mayor for sure? >> based on my experience in the oakland election of the same, first thing we should say probably and i'm not positive about this, but i'm going to think that what i'm about to say is correct that the numbers we're quoting you now are based on the turnout at polling places yesterday. i don't believe the mail-in ballots and absentee ballots which also have first place choices have been counted. in most elections, there are more of those than there are people who actually show up on election day so it's very possible the numbers you're looking at right now those percentages will change. indeed, the position order. probably mayor lee will stay in

kcbs moneywatch reporter jason brooks crunching the numbers. more coming up when we come back. ,,,, howdy folks! jack box here, with my new outlaw burger. other places have bbq burgers, but not with the kick this one has- outlaw means it's loaded with hickory-smoked bacon, onion rings and topped with my bourbon barbecue sauce. and i'll tell you somethin' else they don't have- -my outlaw spicy chicken sandwich. yehaw! whoa! whoa whoa whoa whoa.. ride that spicy chicken! their first trips to employment office >>> good morning, bay area. if you are just getting up, big changes in the weather for today. we are starting out with patchy fog. that's not a big change but toward the afternoon, the skies going to be filled with clouds. even a chance of showers outside. still dense fog being record in the valleys right now. visibilities down to about a quarter mile. half mile into the napa right now. clouds lift but more clouds on the way. weak cold front sliding into town at least a chance of a few showers this afternoon and cooler temperatures with 50s

coming up we'll talk with kcbs moneywatch reporter jason brooks. he will crunch the numbers coming up. ,, ,,,,,,,,,,,,,,,,,, gone...now in the water in los angeles. a street in the >>> a piece of prime oceanfront property is gone now in the water in los angeles. a street in the san pedro area collapsed when a storm hit southern california. no one was hurt. but the area has been closed off since they saw 25-foot-deep cracks in the soil last spring. the mayor is asking everyone to stay away from the area. looks very dangerous. >>> all right. in the meantime, we're thinking a little sunshine today, lawrence. >> yeah. nice break from stormy weather around the bay area today. more sunshine outside. let's get you out there right now. our mount vaca sitting at 3,000 feet. fog is going to break up throughout the day today and leave more sunshine. but if you are stepping outside, plan on a few clouds early on, some chilly temperatures to begin with this morning. but by the afternoon not going to be bad at all. a little on the cool side but we'll sneak in so

we'll have more with kcbs moneywatch reporter jason brooks coming up. ,,,,,,,,,,,,,, ,,,,,, >>> we are waking up to dense fog down below. let's go live outside. we'll notice changes from yesterday. remember the mid- to high-level clouds yesterday? that was the main factor why the low clouds didn't break up. we don't have that this morning. so even with the dense fog this morning looks like it will break up earlier. the sun can help to mix that out a little later on. still, it is thick all around the bay area this morning. slow to break up, probably about the middle of the morning before it does. once it gets going, a nice afternoon. still visibilities less than a quarter mile and some places reporting less than an 8th of a mile here in the bay area. by tomorrow, the fog is gone and the winds are going to be the major concern. we are going to see some strong winds kicking up especially over the north and east bay hills. sustained between 20 to 40 miles per hour. gusting over 55 miles an hour. likely to see some trees coming down. maybe some power outages over the next couple of days. so

here's jason brooks with kcbs and cbsmoneywatch.com with more. with the holidays en route, it has to be good news? >> yes. all the attention these days is on the debt crisis in europe a massive problem but we have been getting steadily improving information on the u.s. economy. retail sales, for instance, which makes up 70% of the u.s. economy, with the consumer, they were up last month by .5%, stretching out auto sales up .6% the biggest gain outside of auto sales since march. being that it's october and the beginning of the holiday shopping season that's a good sign heading into the beef of the shopping season which is november and december of course. also have more information on inflation on the wholesale side. it fell last month 5.3%. core rate unchange, the drop mainly coming from falling gas and oil prices. wholesale gas was down 2.4%. however, that's probably going to come back up a little bit in november. lately oil prices have been on the rise. also got a decent signal in manufacturing. the empire state index had a positive reading to s

here now to talk about it jason brooks with kcbs and cbsmoneywatch.com. good morning. >> reporter: good morning, grace and frank. the rumors are flying out of europe as they have been for a while but especially this morning. we have conflicting reports on the future of greece's prime minister george papandreou. bloomberg says he has to fight for his job. while the bbc is reporting that he is about to resign any minute. that would be a huge deal because papandreou is calling for that referendum on the greek bailout. if it goes to the vote of the public, nobody expects it to pass. that throws the whole bailout into question and could scrap the deal causing massive losses on banks. we'll be following this very closely today. couple of key economic reports in the u.s. weekly jobless claims fell to 397,000, important to see it below 400,000 but it's done that a few times recently only to perk up above. also, worker productivity in the third quarter rose over 3%. and that reverses a decline from the prior two quarters. wall street mainly reacting to the news co

okay, thank you, kcbs moneywatch reporter jason brooks. >>> it is 6:49. chase bank is getting rid of three fees it had been testing in various parts of the country. chase is the latest bank to scrap newly installed fees after a public out cry including a $10 and $15 monthly checking account fee and a $3 fee for debit card use. people didn't like it so they are gone. >>> starbucks is no longer charging extra for some of their coffee beans. apparently the company has stopped taking a surcharge of $1.50 for bags of coffee beans weighing less than a pound nationwide. the move comes after massachusetts fined the company over that practice. the state estimated that about 75,000 consumers paid that surcharge. >>> a film about the late steve jobs opens for a very limited run across the country today. it's called simply "steve jobs: the lost interview." the cofounder of apple agreed to a rare interview for a documentary in 1996. and that's what the film is all about. they locked up the vault. well, they are going to uncork it now. the film will only be shown today

kcbs moneywatch reporter jason brooks is going to tell us more in about 15 minutes. he will have the latest from wall street. >> but they cheer and clap every day there when they ring the bell. >> they are always hoping for the best. >> that's right. >> good morning, it's wednesday, november 2. i'm grace lee. >> hi, everybody. i'm frank mallicoat. it i 6:30. crews are battling a grassfire that destroyed a home in napa counties and several people evacuated this morning. this fire began around 9:00 north of the city of napa and east of yountville. kristy seifkin is live in the oakland hills where the wind is blowing. we can tell. >> reporter: absolutely. the hair blowing sideways probably tells the story. gusty winds throughout the bay area this morning, red flag warning in effect and we are seeing particularly high winds in the east bay hills, the north bay hills and the diablo range. that combined with low humidity is a recipe for fire danger. that's actually why we saw that fire break out last night in napa county. it was just before 9:00 and that fire started just

jason brooks with kcbs and cbsmoneywatch.com thank you. have a good friday. >> reporter: you, too. >>> higher education, taxes, take center stage for the "occupy" movement. cal students facing off against the police this week. and a serious health situation for "occupy sf." that's where we find phil matier and willie brown. does it smell better or look cleaner, phil? >> reporter: yes. as a matter of fact, it does. take the camera over here. come on, mayor. they are trying their best to keep the place clean. they have cleaned out the bocce ball courts there which was one of the demands. they are limiting a bit of tents here and stuff like that. although they do have some new structures up. what's your impression? >> well, i'm really impressed. as a matter of fact, take a look at the structure there. >> which one? >> all the balloons. and then on the other side, you got what appears to be condos. double deckers. and they are well laid out. there are walking paths so that everybody can in fact move around if they choose to do. there are place

jason brooks with kcbs and cbsmoneywatch.com. >> reporter: hp with meg whit men at the helm is trying to steady the ship. it's been a rough year for the company an its profit dropping 91% in the latest quarters. revenue was up 3%. it did beat very modest expectations. meg whitman telling wall street that it didn't plan any major acquisitions anytime soon. it wants to focus on its balance sheet after a year in which it dealt with its former ceo saying that it might get out of the pc business and a number of other moves that caused a lot of questions for the company from not only wall street but also consumers and businesses. so hp shares were focused today, they are down a little bit right now. the economy as it turns outgrew a little slower in the 3rd quarter than first expected. revise the estimate coming in at a growth of 2%. initially they thought growth would be 2.5%. slowdown in business spending really affected things, a lot of businesses kept their inventories low not sure how consumers would respond to the problems over the summer. still looking for growth of around 3% in the

jason brooks with kcbs and cbsmoneywatch.com explain. >> reporter: the market is in a foul mood again nothing to inspire investors. got tepid economic reports and continuing worries about the european debt crisis and chinese manufacturing slowed to its worst pace in 2.5 years so another day of selloffs on wall street. on our economy weekly unemployment claims higher last week by 2,000 to 393,000. still good to see that below 400,000. the four-week average fell for the eighth time in nine weeks. need to get that number a little lower than that to at least 350,000. as far as personal spending goes, didn't see a whole lot of it in october according to the commerce department. only up a tenth of a percent. but income was up. people might have been saving a little bit perhaps for holiday shopping in november and december. durable goods orders fell .7% last month the biggest drop in several months. a lot of that because businesses are very, very cautious. their business spending was down by 1.8%. not pretty looking on wall street right now. dow down 127. nasdaq off 27. s&p down 14. oil pric

we'll check in with kcbs moneywatch reporter jason brooks when we come back. ,,,,,,,,,,,,,,,, can now be enjoyed in your coffee only international delight puts the real flavours from your favourite treats inside >>> good morning. we are going to head back out to chopper 5. chopper 5 remains over daly city at this intersection pretty major intersection that remains shut down. there it is right there. this is john dally boulevard and mission and hillside where all those streets run together there at the top of the hill just up from the daly city bart station so we are trying to gather more information. i think chopper was zooming in earlier could see where a car lost control and hit a pole. >> you can see police on scene. we are making some phone calls now to see what the exten of the injuries are and the extent of the investigation. this accident just happened. we are also seeing muni delays. about 5:00 this morning, there was an accident involving a pedestrian and a light rail at market and embarcadero in the underground tunnel. so right now they are running shuttle buses between emba

jason brooks with kcbs and cbsmoneywatch.com reports. >> reporter: some move by central banks around the world including the federal reserve leading to a strong open on wall street right now. the dow is up by almost 400 points at this moment. we'll get to the jobs creation in a moment. but first, the coordinated moves by the central banks basically making it cheaper for banks to swap their euros for dollars. this mainly is in the interests of european banks and trying to beef up their capital bases to deal with the sovereign debt crisis. adp tracks private payrolls and says there was a gain of 206,000 jobs this month. that's about 75,000 over expectations and nearly double what we saw in october. that bodes better for the november jobs report which comes down on friday. we'll see if that gain translates into a better gain for the overall job market from the labor department. stocks are looking very solid right now. the dow is up 383 points just shy of 12,000. nasdaq is up by 76. s&p up by 38. oil surging higher well over $100 a barrel right now. >> there is hope for our 401(k). >> we

let's check in with jason brooks with kcbs and cbsmoneywatch.com. >> this is one of the crazy weeks on wall street. a horrible fall down on wall street and soaring back higher. you mentioned europe. that's the key reason. we have some good economic info in the u.s. but really it's all about europe these days. the federal reserve and several other central banks around the world including the european central bank, bank of england and japan, all making a coordinated move to make it cheaper for banks to swap euros for dollars. primarily, directed at major european banks who are tremendously constrained by the sovereign debt crisis over there. they don't have enough dollars in the banking system. they want -- they want more to build investor conference. this is a short-term fix. we saw the same thing after lehman brothers failed. europe has serious political issues to decide in order for the debt crisis it not affect the core economies over there. yet investors do like the short term fix plus some decent economic info. adp saying there are 206,000 jobs created this month, more than expecte

jason brooks, when we come back. ,,,,,,,,,,,,,,,, ♪ laces? really? slip-on's the way to go. more people do that, security would be like a -- there's no charge for the bag. thanks. ♪ i know a quiet little place where we can get some work done. there's a three-prong plug. i have club passes. [ male announcer ] now there's a mileage card that offers special perks on united, like a free checked bag, united club passes, and priority boarding. okay. what's your secret? [ male announcer ] the new united mileage plus explorer card. get it, and you're in. >>> good morning, bay area. seeing dense fog around the bay area right now. fog in many of the valleys and the bay. let's get you out there and check it out. some of the fog continuing and slow to break up around our skies as we head to the afternoon. it will start to lift up probably about the middle of the morning. some spots may not lift much at all. that means the temperatures will stay cool. right now we have 40s outside. a lot of dense fog inside the bay. am anyone of the valleys. a -- in many of the valleys. a dense fog adv

. >> here is jason brooks kcbs, cbs money watch .com. good morning. >> good morning. i think the markets are simply taking a breather after yet another rollercoaster week that was down and then finished high, and off of the new government moves in both italy and greece. and investors like seeing that. they hope that greece and italy will push through austerity measures to get through the debt crisis. and caution is at hand. things can go haywire. still it is very high interest rates in greece. we're in the that far off of crisis mode. after the big gains in friday, markets are pulling back just a little bit this morning. pretty quiet day in the way of economic information. a couple of big earnings report for jc penny and from lowe's. lowe's saw its profit get hammered in the third quarter. down 44%. because of a number of store closings and costs related to that. and jc penny also had a rough quarter and lost $143 million, all due to restructuring, and the company also ended its catalog business and that really dinged its revenue. >>> and are right now shall the stock

brooke? >> jason, do we have some sound? i know you talked to, who was it? the president of the student body? >> reporter: yes, president of student body in terms of what he was saying, things much better out here today. he was saying they wanted to put more attention on the victims. in fact that's what paterno said. last night right after the announcement was made. cameras were at his house. he came out with his wife. he was very emotional and spoke to the students about his thoughts. take a listen. >> get a good night's sleep. study. we still got things to do. all right. i'm out of it maybe now. we'll go from there, okay? good luck, everybody. thanks for coming. and pray a little bit for those victims. >> reporter: also out, penn state's president graham spanier. in is rodney erickson. he will be the interim president. released a partial statement saying they have authorized a full investigation to determine what failures occurred. who is responsible. what measures are necessary to ensure that this never, ever happens again. brooke? >> jason carroll live f

jason chime remarks brooks laich, alexander semin -- chimera, brooks laich, alexander semin, but that's as good as it gets. 2nd period tied 1-1, the puck to evander kane who lifts it past michal neuvirth for a second goal of the game. jets in front 2-1. later 2nd period jets on the power play, blake wheeler with spied, beats neuvirth. caps fall to the jets -- speed, beats neuvirth. caps fall to the jets 4-1. washington lost seven of their last 10. >>> if the redskins played dallas when the skins are 3-6 and the skins have lost five straight and dallas say mediocre 5-4 -- is a mediocre 5- 4, is it still dallas week? last year perry riley got his first nfl start against the dolphins. the lsu product made the most of, it registered nine total tackles including four for a loss. also had a quarterback hit. today tim haslett said he'll start again sunday versus the cowboys and explained why he gave riley his shot against miami. >> this is the first time we thought main the last couple weeks we thought that -- maybe the last couple weeks we thought he has a good grasp of the defense. i'd like

jason chimera leads the rush into the toronto zone and drops the book to brooks laich. the nice move, the blind pass to phil kegs he will. bruce boudreau would pull tomas vokoun. leafs on a power play. slapshot beats michael neuwirth. they finish the road trip 0-3 >>> for those of you keeping kennedy townsend, that's 50 days ago since the terps won. today, that gave them

jason passes back to brooks light. rips one into the back of the net. his third goal of the season. game tied at one. then it turned ugly. volkoun was pulled. didn't matter. toronto scored six unanswered goals. toronto crushes washington, 7-1. the caps have lost four in a row, six of the last seven. college football, virginia in tallahassee taking on florida state. fourth quarter down 14-7. parks takes it 10 yards for the touchdown. it would prove to be the game winner. beating the seminoles, 14-13. virginia plays virginia tech next week for the acc coastal division crown. maryland on the road at wake forest. pretty much all demon deacons. 191 yards and a touchdown. wake forest wins 41-10. the terps lost seven in a row and their record drops to 2-9. the wcac championship. senior running back wes brown ran for 157 yards and three touchdowns. the falcons shut out the eagles, 42-0. good council wins third consecutive wcac title and the first undefeated season in school history. college hoops last night. george mason loses to florida atlantic in overtime. later today at 1:00, redskins a

brooke? and basically what happened was we were all set to go to this press conference and then all of a sudden it was called off. joe paterno said that he wanted to speak out but that he was overruled by highers up here at penn state. brooke? >> let's work on getting whatever you just read off the plaq plackard. >> jason carroll, my thanks to you on that one. next, let's go to barbara starr. we are hearing accusations about the handling of military replains replain mains. >> this is not a story thaw want to report but it's important for people to know the air force coming up in public saying that a year-long investigation is concluded into allegations into misconduct, wrong behavior at the mortuary where the remains of the nation's war dead have been returned for so many years. there have been a number of cases that they have detailed in very lengthy reports. calling it gross mismanagement. some of it involved remains of the war dead being misplaced. we are talking about body parts like ankl

we go to brook store and jay and jason. jay, what do we have here? >> this is our combat copter. it has a built-in gyroscope. it's fun for yourself and with two people. you can battle each other and shoot each other right out of the sky, and it's a great toy for everybody. it runs for 69.99, we do have a special on two, it's for 120. our specials go all weekend long, though, so if you can't make it to the mall today, it's fine. >> reporter: have you been busy this weekend? >> you know, it's really good. we're getting started. we do have some good foot traffic, and we're just ready for a good weekend and a good holiday season. >> reporter: compare this to other black fridays. >> well, you know, it's hard to say because the last two years have been a little iffy with the economy and everything like that, but i can tell you what, it's been a great turnout so far. the one thing that we have in particular, we have over 300 items under $50, so we really do have something for everyone this year. >> reporter: jay, thanks so much for your time. helicopters, gregg, black friday, can't have