Investors on Wall Street are having a difficult time looking past what's happening in the oil markets. Oil continues its march higher. Crude futures rose above $132 a barrel as speculating traders are helping to drive the price higher.
The Dow ended the day down 227.49 points to close at 12,601. The Nasdaq also closed down 43.99 points at 2,448.
Higher prices and fewer workers. American Airlines is cutting back on flights and laying off workers. The airline says it's to deal with high fuel prices.
American will start charging $15 for the first checked bag beginning June 15th. It also plans higher fees for items ranging from reservation services to oversized bags.
American said rising oil prices have increased its expected annual fuel costs by nearly $3 billion since the start of the year.
Honda has taken notice of gas prices and is going even more green. Honda says it has plans to sell a new and improved gas-electric hybrid to drivers in the U.S., Japan and Europe. The car will go on sale early next year. No word on how much it will cost, but Honda says it will be an affordable five door sedan with room for five passengers.
The mission of one Kentucky business is to help people with disabilities and disadvantages find employment. One positive impact of our difficult economy is a boost in business for Goodwill Industries.
Business is very good these days for Goodwill Industries of Kentucky and its 53 stores across the Commonwealth. Chalk up another direct impact of high gas prices.
"Partly because of the gas prices we feel like it's pinching people's expendable income and so they're looking for ways to make that go alittle bit further. We have a wide variety of items too so you can get clothes for the whole family shoes furniture housewares, there's a little something for every shopper here," said Becky Vickerstaff.
Becky Vickerstaff with Goodwill says the stores are seeing a different type of shopper in recent months than might have previously shopped Goodwill stores. "It is a little bit different kind of shopper. Probably someone who would be more accustomed to shopping Walmart or a Target, we find they're coming in here to check out what we have, find some good deals and they shop around and realize we have good stuff too."
Goodwill says it's seeing growth in shoppers, a growth in the amount being spent by each shopper, and they've seen more donors. "We see alot of clothes with tags still on it, never worn we get clothes right from the dry cleaners as well, it's really quality clothing, it goes through a sort process so we always put out the best clothing to offer and the housewares so people don't have to sift through stuff that isn't wearable," said Vickerstaff.
And Goodwill says you'll be amazed by how many new, never worn, clothes appear in their stores. "A Derby dress that didn't quite make it out of the gate I think because it is very fancy and it's got its muff and it still has its retail tag on it so it's a brand new 60 dollar dress and you can pick up here for low, low prices."
The Goodwill store on Taylorsville Road is one of its busiest stores. Goodwill Industries is considering expanding that site.