Dow rockets 391 on lower oil; Bernanke heads to Capitol Hill

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wall street will try and build on tuesday's spectacular rally investors reacted to lower oil prices a stronger dollar and plans to raise cash by two financial giants lehman brothers and ubs the dow rocketed 391 points while the nasdaq rallied nearly 84. federal reserve chairman ben bernanke will be on capitol hill today to give lawmakers a fresh assessment of the economy it's the first time we'll be hearing from bernanke since the bear stearns bailout wall street will be listening to hear if he says we are in a recession also today a report on factory orders and later this week the key march unemployment report well march was a tough month for automakers general motors says its u.s sales plunged 19 percent last month ford's dropped 14 percent and toyota sales fell 10 percent demand for trucks and sport utility vehicles plummeted amid high gas prices and a slowdown in home construction and once again the new york yankees are the top spenders in baseball with an overall team payroll of about 209 million dollars the red sox are fourth in the league at 133 million behind the detroit tigers and the new york mets the top salary goes to the yankees alex rodriguez at 28 million dollars a year more than the entire team payroll of the florida marlins and that's your money watch click on cbsnews.com for more in new york i'm alexis christophers

Bernanke warns recession possible; Senate housing aid advances

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recession is the buzzword on Capitol Hill Federal Reserve chairman Ben Bernan said that a recession is possible today during Congressional testimony Bernan conceded that the economy May shrink in the first half of the year but the FED Chief added that things could turn around by the end of the year when the recent string of interest rate cuts are felt and Americans start spending those tax rebates struggling homeowners could soon be getting some help Senate leaders announced an agreement on a bill to help the crumbling housing market and millions of families threatened by foreclosure the provision includes $4 billion in Grants to allow local governments to buy and refurbish for closed homes and a $7,000 tax credit for home buyers who buy new homes or properties in foreclosure critics are skeptical that the measure will be enough to ease the housing slump on Wall Street investors gave back some of yesterday's big gains the Dow lost 45 points the NASDAQ Composite inched down a point and more troubles for air Travelers United Airlines canceled 31 flights after temporarily grounding 11% of its Fleet for inspection the airline is testing dozens of Boeing 777s to make sure cargo fire suppression systems are operating properly United is the latest airline to cancel flights as the FAA steps up inspections on planes and that's your money watch log on to cbsnews.com for more at the New York Stock Exchange I'm Alexis CHR off for us