Oil hits record $78; OPEC to add 500K barrels per day
CBS News
Transcript
[Music] Wall Street has a tough act to follow stocks soared Tuesday on the growing belief that the Federal Reserve will cut interest rates at next week's meeting the Dow shot up 180 points while the NASDAQ rallied 38 stocks also got a lift after McDonald's posted much stronger than expected sales for August and GM said it needs fewer incentives to lure in buyers keep your eye on the oil pits crude closed at a record 7823 a barrel Tuesday despite news that OPEC has agreed to pump more oil instead Traders turned their attention to today's report on oil inventories which is expected to show tight supplies beginning November 1st OPEC will pump an additional 500,000 barrels of oil a day but some analysts say that will do little to ease supply issues when demand for heating oil Rises during the winter months Americans are paying more for Health Care Health insurance premiums Rose and average 6% this year outpacing wage increases which rose less than 4% and taking a bigger chunk out of fam's budgets the cost for family coverage has risen nearly 80% since 2001 wages meantime have gone up just 19% that's your money watch for the latest business headlines click on CBS news.com in New York I'm Alexis christopherus