. >> jamar advertise along with us watching the >> i'm erika miller in brooklyn, new york. still ahead, we'll look at the importance of small business saturday. to this craft product maker and other small businesses. >> tom: american consumers weren't the only ones snapping up bargains. investors were in a buying mood as well. the dow rose almost 173 points, the nasdaq added 40 and the s&p was up 18. for this holiday shortened trading week overall, the dow was up 3.4%. the nasdaq gained four percent this week. the s%p 500 added 3.6% over the week's four trading sessions. >> tom: even with all the holiday decorations crowding store aisles, shoppers still will be looking for deals. off-price retailers and online shopping are expected to see bigger increases this year than other types of stores, but alix partners' michael appel says department stores aren't dead yet. >> those department stores that continue to provide value, service and great innovative product will do fine. those department store retailers that don't step up to the plate are going to have difficulty. >> tom:

. >> reporter: i'm erika miller in new york. still ahead, we'll look at why silver has been one of the best performing asset classes this year. >> tom: the u.s. economy was hotter than first thought this summer. in the newest data on the gross domestic product, the economy grew in the third quarter at its fastest pace of the year. the revised report said the economy grew at a 2.7% clip. that's well above the previously reported 2% growth. adding fuel was restocking inventories, which is not expected to continue. higher federal government spending and stronger u.s. exports also helped. the impact super-storm sandy has had on the job market seems to be dissipating. 23,000 fewer americans filed for first-time unemployment benefits during thanksgiving week compared to a week earlier. the total was 393,000. it had jumped to over 400,000 in the weeks following the storm. still, we saw just modest gains on wall street today-- the dow rose 36 points, the nasdaq was up 20, and the s&p 500 added six. >> tom: the roster of companies announ

. >> reporter: i'm erika miller in new york. after the thanksgiving meal, many people will be heading to the malls. we'll look at whether opening stores on the holiday, makes good business sense to open on thanksgiving. >> tom: we saw more evidence today of an improving national housing market. of course, real estate is local, but measured as a nation, sales and prices are picking up. existing home sales rose 10.9% in october compared to a year earlier. that was stronger than expected. it's the 16th straight month of year-over-year gains. median prices were also up, climbing to $178,600. all this as home sales ticking up, number of homes on the market going down, dropped to just over 2.1 million homes last month, the fewest number of existing homes on the market for sale in almost a dekachlted megan mcgrath knows this data well. with us tonight at the naz. megan, first of all, does the relatively few number of homes threaten any pickup in housing? >>. >> well, it's an interesting dynamic we're seeing now. we're hearing from real

erika miller reports. >> reporter: we've all been warned that one bad apple can spoil the bunch. what's happens on the playground, also goes for the stock market. the recent drop in apple shares is having a negative influence on major market indexes. the stock hit a record closing high of $702 a share back on september 19, now it's about $150 cheaper-- a drop of more than 20%. so what's at the core of the apple selloff? >> if you are looking to sell, if you are concerned about the market and the fiscal cliff, portfolio managers are either shedding either their largest asset or their biggest winner and apple is likely both. >> reporter: short term, some investors are worried about possible supply shortages of the iphone 5 and whether the ipad mini is priced too high. longer term, there are fears about growing competition from google and microsoft. and concerns about management changes. >> there are concerns about the management team, the transition from steve jobs to tim cook. you had a management shake-up announced recently. you had apple maps released to negative reviews. you ha

erika miller, nbr, new york. >> reporter: i'm diane eastabrook. still ahead, chrysler is expanding in the wake of block buster truck sales. i'll have details coming up. >> tom: the world's second biggest economy made its once-a- decade change in leadership today. china's communist party central committee selected its new seven-member ruling team in beijing. the group rules over a chinese economy that has been slowing and showing signs of stress after years of expansion, built on global trade and helped by keeping its currency value locked with the u.s. dollar. but currency expert wolfgang >> the chinese currency that is going to be accelerating the un-pegging versus the u.s. dollar, which will create more uncertainty about the dollar versus china, and therefore the value of what business companies are doing in china. >> tom: we spoke with william nobrega, managing partner at the conrad group, an emerging markets investment advisor about what the new leaders need to do. one of the things that they need to do is taking the reform and building the in

erika miller has more. >> reporter: many americans were hard at work today. but others were hardly working-- using high speed office computers to scour the internet for bargains. others browsed at retail stores, but used mobile phones and tablets to make their purchases online. >> but internet shopping is more than just price comparison this year. it's about going shopping with friends and family even when they're not there. >> it makes them feel better about shopping when they are accessing social media. and its sort of that gratifying that other people agree that this the kind of product that someone would like. it's a quality product. it performs well whatever. >> reporter: a whopping 122 million americans are expected to shop online today. retailers will be watching closely, trying to spot new trends and consumer preferences. >> the growth in retail-- a lot of it is coming from the online businesses. so we're really becoming cyber everything in terms of shopping. >> reporter: as of friday, nearly $14 billion has been spent online this holiday season. that

erika miller reports. >> reporter: when you consider the massive amounts of flooding, downed trees, and damage to transportation networks, it could take days-- if not weeks, to tally up the financial costs from the storm. but already there are predictions sandy will be the most expensive clean-up in u.s. history. the most serious damage appears to be caused by flooding along the east coast. according to economic tracking firm i.h.s. global insight, property damage will likely surpass $20 billion. add to that as much as $30 billion in lost business, and the tot financial toll could end up being close to $50 billion. hotels, stores, airlines, and restaurants have lost business they won't get back. insurance companies will have to make big payouts, which will likely mean higher insurance premiums for customers down the road. here in new york city, commerce has been crippled. and power is not expected to be restored in many areas until next week. i.h.s. global predicts that if the areas affected by sandy lose a quarter of their output for just two days, it would knock about $25 billion off

erika miller, "n.b.r.," new york. >> susie: what determines gas prices? as erika just reported, there's more to it than supply and demand. to learn more about prices at the pump, visit our web site, www.nbr.com, and look for the "nbr-u" tab. >> tom: while gas prices remain over $3 a gallon, the auto industry continues its slow and steady climb next year out of one of the industry's worst slumps ever. that was the prediction today from g.m. north america president mark reuss at the los angeles auto show. g.m. unveiled its first all- electric plug-in at the show, and, as diane eastabrook tonight, the company hopes the spark can give the electric vehicle business the jolt it needs. >> reporter: the chevrolet spark e.v. will hit showrooms in california and oregon next summer. engineers are still testing the pure plug-in so general motors can't say yet how many miles the sub-compact will get on a single charge. what it can say is new technology will allow for faster charging. the spark won't be cheap. with tax incentives, the car's sticker price will be about

erika miller reports >> reporter: six hours. that's how long drivers had to wait to fill up at this manhattan station. >> i got here at 6:00 am. >> reporter: the line stretched over 30 city blocks, but at least drivers could get gas. it's estimated that at least half of all stations in the metropolitan area are closed. in mount olive new jersey, some tried making the best of a bad situation but long waits are still not fun. >> it's scary. in my lifetime, i've never seen anything like this. >> reporter: given the high level of demand for fuel to run cars and generators, many stations are rationing supplies. and only taking cash. >> we are going to run out of gas in about an hour. >> are you cutting people off at a number? >> we just set a limit of $40 for customers. >> reporter: the gasoline shortages stem from the fact that energy companies are having difficulty delivering fuel. in addition, many refineries have been forced to halt production because of power outages and flooding. dozens of states are sending utility crews to he

erika miller, "n.b.r.," new york. >> susie: it was an unhappy earnings story in the third quarter for saks. the upscale department store said sales and profits were hurt by a modest spike in promotions. on top of that, saks expects sales to be flat in the current holiday period because of a slow start to november due to hurricane sandy. noow, trouble at saks underscores new worries spreading throughout the luxury sector about the all important holiday season. suzanne pratt reports. >> reporter: on manhattan's 5th avenue, it's beginning to look a lot like christmas. from jeweler harry winston to bergdorf goodman's department store, luxury retailers are trying to get shoppers in the mood to spend. but this holiday season could be tricky for high-end stores. sure, luxury shoppers are feeling more confident because stocks are in decent shape, and the housing sector is building a foundation. still, many are more likely to be aware of the potential threat to the u.s. economy of the fiscal cliff. expectations remain mixed for fancier retailers, but some experts predict the debate in washingt

here's erika miller with a look back at the quarter, and a look ahead. >> reporter: earnings season is drawing to a close. and for many firms it's good riddance. nearly all of the s&p 500 have reported quarterly numbers, and according to s&p capital i.q., profits are up a measly 2%. thomson reuters and factset crunch the numbers slightly differently, and believe profits are actually down. the bigger concern is revenue growth. s&p has the most optimistic analysis with a 0.6% gain. the other two firms see negative growth. firms face an almost universal problem: a slowing global economy. >> companies kind of put it in this context: the red flag is europe still. china falling there after, being kind of a yellow flag. >> reporter: that weak global demand is forcing many companies to cut prices, hurting profit margins. according to goldman sachs, bed bath and beyond, coach, marriott, fedex, southwest, and union pacific have all specifically talked about the difficulty preserving margins. a new, less obvious concern has also emerged this earnings season: >> we've been hearing a lot of concern

erika miller reports. ( hammering ) >> reporter: you could say home depot "nailed it," reporting bett than expected third quarter earnings. profits rose 23% from a year ago to 74 cents a share. revenues were up nearly 5%. and, remember, the latest results don't even include the sales lift from superstorm sandy. home depot also raised its profit outlook for the year. if housing continues to improve, experts say it's a bullish sign for the rest of the economy. >> now, as we start to see residential investment recovery, that should help other sectors ofhe economy throu demd for building materials, through more demand for other products-- furniture, you name it! >> reporter: she's optimistic housing will remain one of the few bright spots in an otherwise sluggish recovery. erika miller, "n.b.r.," new york. >> susie: it was an unhappy earnings story in the third quarter for saks. the upscale department store said sales and profits were hurt by a modest spike in promotions. on top of that, saks expects sales to be flat in the current holiday period because of a slow start to november due to

erika miller reports. >> reporter: first, we had superstorm sandy. last night, a snow storm. but today, new yorkers were back to shopping in full force. contrary to conventional wisdom, natural disasters have very little long-term impact on retail spending. >> they don't destroy demand, they displace it, either forward in time-- before the event-- or after the event. or nowadays, of course, from bricks and mortar to online. >> reporter: customer growth partners looked at 20 years of natural disasters and found that in virtually every case, spending rose in the months after the event. sandy or not, the holiday season is expected to be ho-hum for retailers. the national retail federation, the retail industry's trade group, is forecasting a more than 4% gain, but customer growth partners, which does field research with shoppers, expects just a 2.8% gain. >> disposable income is weak, and disposable income is still the single biggest driver behind retail sales. so that's weak. there's fears of unemployment. the employment situation is a little bit better, but it's a long way from

erika miller, nbr, new york. >> tom: in neighborhoods around new york, the sound of chainsaws filled the air. jim munley had help clearing trees from his house in budd lake, new jersey. >> it started blowing real heavy after dark, and we lost our lights, like so many other people. we have a propane generator, so that kicked in, so that was a relief. but then about 11:00, it started blowing real hard. and between 11:00 and i'd said 12:30, the trees started coming down. but we were lucky-- it didn't hit the house. we had some limbs hit the house, but nothing structural. we have no phones, but like i said, we do have lights. we're running probably about 25 gallons a day. that's gallons not pounds. it uses up a lot of propane. i started with 200 and i've got probably 40 left. if you've been around in the woods any length of time, you know that you've got to have yourself prepared. we've got plenty of food. both cars are full of gas. so we're in pretty good shape. the house is in livable shape. a lot of people in worse shape than us. this is not an uncommon situation. but this destruction