INDIANAPOLIS -
Wall Street more than stumbled Thursday. The Dow took a nose dive off the curb, falling more than 200 points. That's the second biggest loss of the year. Investors, people with retirement, college and other savings are worried. At the same time drivers are cheering lower gas prices. They are among several ups and downs in an economy struggling through a shaky recovery.
Travelers are getting a break. As the vacation season hits over drive, the price of gasoline, predicted to hit $5 this summer, is falling.
Prices average $3.50 a gallon on average, but in some cities are even lower.
On his way to a family reunion in Arkansas, Glen Ware smiled. "My wallet stays a little bit thicker," he said.
The savings are not huge, but are some help for a stuttering economy. The Cavers figure on saving 10 bucks a fill-up on their way to Missouri.
"Ten dollars right there," said Carl Caver. "That's enough for both us at McDonalds."
Nationwide, the government reports home building permits are at a three-and-half-year high. In central Indiana, home construction is up 11 percent from last year.
"We are out of the muck we were in," said Alan Goldsticker of Ryland Homes. "Home sales are good. They are not crazy."
It's nothing close to the housing boom of seven years ago, but improved enough that Ryland and other builders are excited.
"The customer is more confident. They are confident about the economy. They are confident about jobs. We are not out of all this, but they are feeling more confident," Goldsticker explained.
Some economists aren't as confident. The price of gasoline is a big reason why. Gasoline costs less because crude oil prices are down. Crude is down because there is less demand for oil around the world, a sign of a slowing economy.
Europe's political and economic turmoil has investors and businesses worried. US employers aren't rushing to add workers. New unemployment claims are the highest they've been since December. Unemployment is stuck at eight percent and isn't expected to improve much for an other year.
All those down numbers apparently aren't keeping Americans at home. AAA expects a near record number of people traveling over the July 4th holiday. More than 40 million people, about 5 percent more than last year, will be on the move. The vast majority of them drive. The report also found those travelers expect to spend less than last year.
As the vacation season hits over drive, the price of gasoline, predicted to hit $5 this summer, is falling.
US employers aren't rushing to add workers.
Nationwide, the government reports home building permits are at a three-and-half-year high.
The Cavers are saving some money at the gas pump.
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