erica ferrari of

to get the latest, cbs news reporter erica ferrari joins us live from newtown, connecticut, with the latest on president obama's appearance. erica. >> reporter: behind closed doors, the president reportedly told the governor of connecticut that friday was the single most difficult day of his presidency. >> charlotte, daniel, olivia... >> reporter: the tears flowed freely as the people of newtown, connecticut, remembered those gunned down at sandy hook elementary school. >> we gather here in memory of 20 beautiful children and six remarkable adults. >> reporter: president obama said he brought with him the love and prayers of the nation. >> i am very mindful that mere words cannot match the depths of your sorrow nor can they heal your wounded hearts. >> reporter: the next painful step in the grieving process begins today when the first two funerals will be held here in newtown. >> they were innocent babies. and that's what makes it almost incomprehensible. >> reporter: police believe the carnage could have been word. adam lanza had enough bullets to kill every child in the school. >> h

we have cbs news reporter erica ferrari. she is also live there in newtown where president obama met with victims' families spoke at a public memorial yesterday. >> reporter: good morning. the president told the connecticut governor that friday was the single most difficult day of his entire presidency. >> charlotte, daniel, olivia... >> reporter: the tears flowed freely as the people of newtown, connecticut remembered those gunned down at sandy hook elementary school. >> we gather here in memory of 20 beautiful children and six remarkable adults. >> reporter: president obama said he brought with him the love and prayers of the nation. >> i am very mindful that mere words cannot match the depths of your sorrow nor can they heal your wounded hearts. >> reporter: the next painful step in the grieving process begins today when the first two funerals will be held here in newtown. >> there are innocent babies and that's what makes it almost incomprehensible. >> reporter: police believe the carnage could have been much worse. they

i'm erica ferrari in new york.'ll have that and more coming up in your cbsmoneywatch report. >>> and what's cool about your school? you can submit your nomination on our website, cbssf.com/coolschool. we may come and feature school right here on our show. ,,,,,,,,,,,,,,,, [ boy 1 ] hey! that's the last crescent. oh, did you want it? yea we'll split it. [ female announcer ] made fresh, so light, buttery and flakey. that's half that's not half! guys, i have more! thanks mom [ female announcer ] pillsbury crescents. let the making begin [ female announcer ] holiday cookies are a big job. everything has to be just right. perfection is in the details. ♪ get to holiday fun faster >>> welcome back! here's your cbs 5 snow report: basketball team is spending holiday season in hawai'i. much more traffic and weather coming up. >>> one local college basketball team is spending the holiday season in hawaii the university of san francisco taking on the east tennessee state on christmas day in the diamond head classic. an impress

erica ferrari is here with more of that. good morning, erica. >> good morning.cked shopping malls but weren't in the spending spirit. they were not in the mood for shopping due to center storm sandy, the shooting, and the economy. hong kong finance issued half a fraction higher. tokyo's nikkei was closed. stocks stumbled on wall street and talks staaled on the fiscal cliff. the dow dropped nearly 121 points on friday while the nasdaq fell 29. >>> as the americans hit the road for holiday travel, they'll be paying less at the gas pump. according to aaa, the national average is about 3.25 cents for regular. that's town 16 cents from a month ago. >>> "the hobbit:an unexpected journey." took in $27 million. duarte? >> thank you, erica ferrari, here in new york. >>> in sports the seahawks put a damper on the 49ers' plan of winning the midwest. they have a field goal block. it's scooped up by the seahawks richard sherman who brings it back for a touchdown. blows out san fran, 42-13. >>> and the baltimore ravens are the champions of the afc north. the ravens get on the

erica ferrari in new york. ks, erica. >>> in sports a pounding finish between the knicks and the suns. ten seconds left, no,'s j.r. smith hits the fade-away jumper to tie the game at 77-77. he steps out of bounds with just a second on the clock giving the nix one last chance and once again it's j.r. smith hitting another long jumper, this time at the buzzer. it gives new york a 99-97 win. >>> in denver, kobe bryant scores 40 points for the lakers, but the nuggets are able to overcome the performance. they snap a five-game winning streak, beating the lakers, 126-114. >>> finally, get your hands up for a hockey fight. an unusual soundtrack for an all-out hockey fight. yeah, that's right. someone started playing "party in the usa" by miley cyrus during this hockey game. these teams play again in two weeks. maybe someone will play a demi lovato song if they drop the gloves again. >>> when we return, drawing fire. a newspaper addresses names and addresses of people holding handgun permits. the enamel starts to wear d

erica ferrari is here in new york with that. erica, good morning to you. >> good morning, terrell. for the first time ever, the fed said they would link its actions to specific economic milestones. they said they'll keep the interest rate to 0% until the unemployment rate falls to below 6.5%. the jobless rate may not reach that point until 2015. it's at 7.7% now. rates will also stay low as long as inflation remains below 2.5%. the fed will continue its program of spending $85 billion a month on bond purchases. all of these steps are aimed at spurring borrowing and lending. and news from the federallied most asian markets. tokyo's nikkei added 1.5%. hong kong's hang seng lost a quarter percent. the dow lost nearly 3 points. the nasdaq was down 8. and the u.s. is on track to run up its fifth straight deficit or manufacture than a trillion dollars. the treasury department says the budget gap rose to $172 billion in november. that's up from $120 billion in october. tax revenue is up this year, but it's been outpaced by more spending. >>> google maps are back on the iphone. the popular

. >> erica ferrari is in newtown this morning. erica, good morning to you. >> reporter: good morning, terrell. behind closed doors, the president reportedly told connecticut's governor that friday was the single most difficult day of his presidency. the tears flowed freely as the people of newtown, connecticut, remembered those gunned down at sandy hook elementary school. >> we gather here in memory of 20 beautiful children and six remarkable adults. >> reporter: president obama said he brought with him the love and prayers of the nation. >> i am very mindful that mere words cannot match the depths of your sorrow, nor can they heal your wounded hearts. >> reporter: the next painful step in the grieving process begins today when the first two funerals will be held here in newtown. >> they're innocent babies and that's what makes it almost incomprehensible. >> reporter: police believe the carnage could have been much worse. police say adam lanza had enough bullets to kill just about every child in the school if given enough time. >>

erica ferrari here in new york with that. erica, good morning to you. >>> good morning, terrell. a new report showing growth in china's manufacturing sector lifted most asian stocks. hong kong's hang seng gained more than half a percent. tock owe's nikkei shed a fraction. concerned about washington's fiscal talks pushed wall street stocks lower. the dow finished down 74 points on thursday. the nasdaq lost 21 points. >>> swiss bank ubs is said to be in talks to pay a $1 billion fine to settle allegations of rigging a key interest rate benchmark. ubs is accused of manipulating the libor to boost trading profits. the rate affects trillions of dollars and loans including mortgage rates. barclays paid a $450 million fine to settle similar allegations last june. >>> consumers are spending more, but the results are mixed for retailers. the commerce department said on thursday that retail sales increased 0.3 in the month of november from the month before. the increase is due in part to hurricane rebuilding in the northeast. the report says online shopping surged, but department store sal

erica ferrari for cbs news. well. >>> 32 years ago today former beatle john lennon was shot and killed outside his new york apartment. today fans remembered his legacy and his music. ♪ the tribute took place at the strawberry fields memorial in central park near the dakota apartments where lennon lived. on december 8th, 1980 he was returning from a recording station when he was shot by a deranged fan mark david chapman. >>> remember that record half billion dollar powerball jackpot? well, the second of two winners has finally come forward. how he decided to cash out his winnings. >> from the cbs 5 weather center. googe everybody. sure -- good evening everybody. sure it's cloudy outside and we'll fire up the live hi-def doppler radar and tell you when to expect rain back in the forecast. as eyewitness news continues right here on cbs 5. ,,,,,,,, ,, ,,,, in history has >>> one of the winners of one of the largest powerball jackpots in history has decided to stay anonymous. but lottery officials did get a chance to

cbs news' erica ferrari has more on yesterday's public memorial. >> reporter: charlotte, daniel, over live daniel,. >> reporter: the tears flowed freely as those gunned down at sandy hook elementary school were remembered. >> we gather here in memory of 20 beautiful children and six remarkable adults. >> reporter: president obama said he brought with him the love and prayers of the nation. >> i am very mindful that mere words cannot match the depth of your sorrow nor can they heal your wounded hearts. >> reporter: the next painful step in the grieving process begins today when the first two funerals will be held here in newtown. >> innocent babies. that's what makes it almost incomprehensible. >> reporter: police believe the carnage could have been much worse. they say 20-year-old adam lanza had enough bullets to kill about every child in the school if given enough time. >> magazine for the rifle and multiple magazines for the rifle and multiple magazines for both handguns. >> reporter: lanza reportedly ducked into a room and killed himself when he heard police arriving. for their bra

cbs reporter erica ferrari on how volunteers delivered a little hope to one family. >> reporter: lany doesn't have a job this christmas. superstorm sandy destroyed the restaurant where she and her three daughters worked. it also wiped out the first floor of their home in breezy point, new york. >> you just want to be back in your home. i mean even if it's not going to be the same. >> reporter: volunteers from operation blessing are trying to make that happen. >> give me 52. days before christmas, seven of them put up insulation. an expensive job that this single mother says she just doesn't have money for right now. >> it's such a relief. such like a burden off your shoulders. fabulous that there's such kind, thoughtful people. >> reporter: the family won't be back in their house this christmas. in fact they don't expect the work to be complete here until the spring. but they say knowing others volunteered their time to make their christmas a little brighter is the best gift they could have received. they aren't the only ones getting help from operation blessing. in october sandy caus

in newtown, connecticut, erica ferrari. back to you. >> erica, i heard they only have one funeral home in town. how are they handling all of these arrangements? >> reporter: exactly, this is a very small town of about 27,000 people. like you said, there's one funeral home in town. but what's happened is funeral homes in other communities within the state and even out of the state have volunteered to offer resources to help bury the dead. >> erica ferrari, live in newtown, connecticut, thank you. >>> people here in the bay area have been holding candlelight vigils in the wake of the shootings in connecticut. >> at delores park in san francisco, people brought candles and stood even in the rain and they talked about how this country needs to curb gun violence. while there have been many mass shootings, some people hope the latest tragedy will be a tipping point. >> i like to believe that because it's very innocent, very young children that this will really cut through a lot of the mess in dc. i'm a brand-new mom. i have a 7-we

send it back to you. >> erica ferrari. >> all right, erica. thanks. >> last check. >> santa is over the great wall of that. >> that's good timing. >> a billion and 100 million gifts already delivered. >> a billion -- i hope that's oneless for me. >> have you been good? >> i think i did pretty good. this weekend, what a stormy weekend, indeed, around the bay area. things beginning to settle down. a few scattered light showers along the peninsula la. this is the last gap of the storm system. through the day today, a mostly dry day. a little sun. temperatures staying cool; but expecting another storm on christmas day. all the water rolling down the mountains. the possibility of flooding near guenville. we're thinking the river will stay above flood stage. we're not done with the rain. there's another storm off the coastline. this one doesn't look as potent as the last one. >>> if you're planning to fly out today, you want to get out there. looking good. no delays at fso. headed across the country, a couple of stormy spots. snow in denver, chicago

. >> erica ferrari is live in newtown to bring us the latest. good morningicca. >> reporter: good morning. police have re-- good morning, erica. >> reporter: good morning. the police released the name and ages but have not given a motive that made adam lanza carry out an awful attack. the families have begin the difficult task of burying the dead. people filed into churches around newtown, connecticut, to pray for the victims of friday's shooting as this community grieves. families in the small town are planning funerals for their children. >> she was a type of children that could light up the room. robe parker's daughter emily was one of the 20 young children killed in friday's shooting. >> she's an incredible person i am so blessed to be her dead. -- dad. >> they died when 20-year-old adam lanza forced his way in and started firing. president obama will travel to newtown to attend a themmor -- memorial service and visit with the victim's families, as investigators try to figure out why they were killed. people who knew him describe him as odd a

. >> erica ferrari at cbsmoneywatch.com is in new york this morning with the latest on business.ing. >> reporter: good morning. drab holiday sales and investor concerns over the looming "fiscal cliff" pushed stocks down for a third consecutive day. the dow lost 24 points thursday. the nasdaq fell 22. asian stocks are higher this morning after china's industrial companies showed profits. tokyo's nikkei gained 1% to finish at a 21-month high. hong kong's hang seng rose half a percent. >>> president obama returns to washington for one final effort to avert the so-called "fiscal cliff." with just five days left until the deadline and no sign of a compromise, congressional leaders are urging the senate to consider a bill that's already passed in the house that would extend existing tax cuts. >>> the us treasury department says it will start taking steps to postpone the government from hitting the $16.4 trillion debt limit the money the government can spend to finance its operations. >>> toyota will pay the biggest sum of money ever recorded for a car defect. the proposed $1 billion se

. >> erica ferrari of cbsmoneywatch.com joins us now with more from the business world. >> reporter: good morning. more hope over the "fiscal cliff" negotiations fueled another strong day on wall street. the dow climbed 115 points, nasdaq up 44. signs of stimulus action from the bank of japan sent asian markets higher, tokyo's nikkei surged 2.5%. hong kong's hang seng added half a percent. and although the president and house speaker john boehner have made headway on budget negotiations, boehner says he is going forward with the plan that is separate from the deal he is working on with the president. the white house and democratic lawmakers have already rejected boehner's plan b to stepped low tax rates to all americans except those who make a million dollars or more a year. the house will vote on the alternate plan thursday. >>> swiss bank ubs admits to fraud and agrees to pay more than $1 billion in fines. the settlement comes after an investigation found ubs bankers engaged in rigging the liber rate. >>> instagram backing off its policy to use photos in advertisements

erica ferrari of cbsmoneywatch.com joins us now with an early check on your dollars. good morning. >> reporter: good morning. asian markets guilty a boost on word president obama will meet congressional leaders again today to try to hammer together a last-minute plan to avoid the so-called "fiscal cliff." tokyo's nikkei gained nearly 1%. hong kong's hang seng added .25%. >>> news of more budget talks sent wall street on a roller coaster ride thursday. stocks ultimately ended the session lower for a fourth consecutive day. the dow lost 18 points. the nasdaq was down 4. >>> the clock is ticking until lawmakers' monday night deadline and still no "fiscal cliff" deal is in sight. sunday the house has been called to an unusual session just in case an agreement is not reached. >>> a new report suggests the looming "fiscal cliff" is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday its consumer price index fell sharply in december for the second consecutive month. >>> a potential strike by dock workers along the east coast an

erica ferrari has the latest for wjz. >>reporter: lanny doesn't have a job this christmas. superstorm christmas destroyed the restaurant where she and her three daughters worked. it also wiped out the first floor of their home in breezy point, new york. >> you just want to be back in your home, i mean, even if it's not going to be the same. >>reporter: volunteers from operation blessing are trying to make that happen. >> give me 52. >>reporter: days before christmas seven of them put up insulation, an expensive job that this single mother says she just doesn't have money for right now. >> it's such a relief, it's such a burden off your shoulders. it's fabulous there's such kind, thoughtful people. >>reporter: the family won't be back in their house this christmas. in fact, they don't expect the work to be complete here until the spring. but they say knowing others volunteered their time to make their christmas a little brighter is the best gift they could have received. this family rnlt the only ones getting help from operation blessing. in october sandy caused billions in

erica ferrari with more on the team's tragedy. >>> dallas cowboy walked off the court sunday. >> jerry brown, i'm trying to deal with the stuff. >> police say the defensive lineman was driving drunk and lost control of his 2007 mercedes killing brown who was a passenger in the car. brent is charged with intoxication manslaughter. hours before his release, an emotional dallas cowboys team took the field in cincinnati. >> something that's difficult to deal with. people will deal with it in different ways. you just have to stay together as football team, as a family and as friends and teammates. >> shannon sharpe, brent's actions changed the lives of two people forever. >> jerry brown, his family will never be able to talk to him and see the young man again. he's probably cost himself an nfl career and some time in the penitentiary. >> in 2009, he pleaded guilty to dui. one former coach says the nfl needs stronger punishments to deter drunk driving. >> only hammer you have is playing time. there should ab automatic two game suspension in the first dui. >> if convicted, he faces a minimum

erica ferrari is here with that and more. good morning, erica. >> good morning, duarte.ia markets were higher. tokyo's nikkei gained nearly 1%. hong kong's hang sheng added a quarter percent. a new report suggests the looming fiscal cliff is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday that its consumer price index fell sharply in december for the second consecutive month. that's the lowest level since august. for the fifth consecutive year, individual investors have pulled their money out of the stock market. it's estimated to be about $380 billion. many are investing in bonds which are considered safer investments. wall street stocks sank for a fourth consecutive day. the dow lost 18 points. the nasdaq was off 4 points. >>> the housing market shows new signs of a rebound. they said on thursday that the sale of new homes increased by 4.5% from the month before. that's the fastest pace in two years. record low mortgage and stable job gains fueled the increase. >>> dangerously low water levels could force shipping to

and in for jason brooks this morning is erica ferrari of cbsmoneywatch.com.rk with the latest. good morning. >> reporter: good morning. stocks on wall street are mixed after positive signs from the job market and word president obama will restart talks to avoid the so-called "fiscal cliff." there are just five days left until economists say across-the- board tax increases and spending cuts threaten to send our committee over the so- called "fiscal cliff." today the president heads back to washington to try to strike a deal with lawmakers. congressional leaders are urging the senate to consider a bill that is already passed in the house that would extend existing tax cuts. >> meantime, the us treasury department says it will start taking steps to prevent the government from hitting the $16.4 trillion debt limit. >> new evidence the job market is improving. over the past month, the number of people seeking first-time unemployment benefits dropped to the lowest level since 2008. the labor department says weekly applications fell 12,000 to a seasonally adjusted 3

coming up we are going to get an update from erica ferrari of cbsmoneywatch.com. sleep train. wishing you a happy new year. [ female announcer ] no more paper coupons. no more paper lists. [ dog barking ] ♪ no more paper anything. safeway presents just for u. ♪ save more. save easier. saving more, starts now. just for u on the safeway app. available to everyone for 24 hours.. er cate cauguira >>> today san francisco muni is holding a 100 birthday party, free rides available to everyone for 24 hours. cbs 5 reporter cate caugiran is in san francisco with more on the muni centennial. cool for the riders today, cate. >> reporter: yeah. it's nice that muni is giving riders a present on its own birthday. michelle, we're actually at geary and market, where the first muni line started here in downtown and went to 33rd avenue. to celebrate this centennial, all of muni service including the cable cars will be free until 5:00 tomorrow morning. originally they planned to charge 5 cents the original cost 100 years ago. to give you a little history, san francisco has had some form of public

and cbsmoneywatch reporter erica ferrari has an update from new york. >> reporter: good morning.cern over fiscal talks in washington could push stocks down for a second day. the dow finished down 74 thursday, nasdaq down 21. last night president obama and house speaker john boehner met for just under an hour. the brief meeting was described as frank but there is still no sign of a compromise. the white house says the president will not budge in his tax strategy to raise rates on the top 2% of americans. republicans want more cuts to social programs like medicare. >>> a new report showing growth in china's manufacturing sector lifted most asian stocks. hong kong's hang seng gained .5%. tokyo's nikkei shed a fraction. >>> now, you might not know the name but you have seen the unique label that norman woodland developed with another engineer. woodland invented the bar code. now what it is, that rectangle found on about every product we buy in stores. they got a patent for their invention 60 years ago. but the technology to use the bar code was not developed until 1974. norman woodla

erica ferrari, wjz eyewitness news. >>> the family says they came to new york to help the sandy victims in honor of those killed in newtown earlier this month. they say it's one of 26 acts of kindness they want to complete this holiday season for each of the victims. >>> two high profile resignations his egypt. the vice president has resigned. mekki said he realized politics did not suit his professional background as a judge. in the case of the bank governor, officials met with him earlier this week trying to parade him not to -- persuade him not to leave. >>> and the pope met with the former butler and pardoned him. he was caught stealing from the pope and released the private documents to the media. the case against the butler was vati leaks and he told him personally he had been pardoned. and the butler is now free. >>> it is a corporation for national and community service and this week it made its home right here in baltimore. tim williams has more on the residence campus of americore and the undertakings o. group. >> reporter: a beginning of a new chapter. >> 3, 2, 1. >> reporter

erica ferrari is in breezy point, new york, with that story. >> reporter: he doesn't have a job this christmas. super storm sandy destroyed the restaurant where she and her three daughters worked. it also wiped out the first floor of their home in breezy point, new york. >> you just want to be back in your home, even if it's not going to be the same. >> reporter: volunteers from she doesn't have money for right now. >> that's a relief. fabulous they're such kind, thoughtful people. >> reporter: the family won't be back in their house this christmas. they don't expect the work to be complete until the spring. they say knowing others volunteered their time to make their christmas a little brighter is the best gift they could have received. they aren't the only ones getting help from operation blessing. in october, sandy caused billions of damage along the east coast and devastated this waterfront community. volunteers have done more than 300 jobs like this one for the people of breezy point. >> this has been an area so devastatingly affected by the storm, and there's so much need. >> r

erica ferrari...cbs moneywatch dot- com joins us live with a look at what we expect from wall street.. >>> s? >>> hong kong finished a fraction higher after a half day of trading. stock crumbled after republicans called off a vote on their plan b deal to avoid the fiscal cliff. the dow dropped 120 points on friday while the nasdaq fell 29, and there's one week until the fiscal cliff. some senators are expressing concerns that a deal will not be met in time. if that happens, households with incomes between 50 and 75,000 would see their incomes rise $24. households -- as americans hit the road for holiday travel, they'll be paying less at the pump. according to aaa, the average is $3.25 for a gallon of regular, down 18 cents from a month ago. send it back to you. >> thanks very much. have yourself a good holiday. okay. >> [ laughter ] >>> you will be allowed to roast chestnuts on an open fire in this bay area this christmas eve; but the air quality district management refers you have no open fire at. as

erica ferrari from moneywatch.com is on the job in new york. >> reporter: good morning. asian markets were up this morning as investors snapped up year end stocks. tokyo's nikkei added 1.5% as japan swore in a new prime minister. the shanghai composite was up .25%. investors will return to wall street with concerns over the "fiscal cliff." on monday, before closing for christmas the dow lost 52 points while the nasdaq dropped 8. the white house says the president is cutting its vacation in hawaii short to deal with "fiscal cliff" negotiations. his focus, figure out a plan to avoid the huge spike in taxes and spending cuts set to take effect in 6 days. senate majority leader harry reid is believed to be crafting his own fiscal package including extending the bush- era tax cuts for households making less than $250,000. now, regardless of what happens with the "fiscal cliff," new taxes to help pay for the affordable healthcare act will take effect january 1. but the average american will not really see a difference in his bill to the irs. the wealthiest 2% of americans and

irka ferrari here in new york. good morning, erica. >> good morning, terrell. >>> swiss bank ubs admits to fraud and agrees to pay more than a billion and a half dollars in fines. this results as there was an investigation into the rigging of the libor interest rate. it has an effect on many of the consumer rates including cars and student loans. under the settlement ubs will enter a plea to one count of wire fraud. >>> signs of stimulus action from the bank of japan boosted stocks. tokyo's nikkei surged 2.5%. hong kong's hang seng sank half a percent. more hope over the fiscal cliff negotiations fueled another strong day on wall street. the dow added 115 points while the nasdaq gained 43. >>> shares of publicly traded gun makers were down in the wake of the connecticut school shooting, and the company that makes the weapon believed to have been used in the shooting is now up for sale. meanwhile gun shop operators have been reporting an uptick in sales. some have indicated the sales bump is due to customers buying weapons now before a