Google profit jumps 31%; Dow up 229 as Citi loss less than feared
CBS
Transcript
stock staged an end of week rally after some better than expected earnings news the Dow Jones industrial average shot up about 229 points and the NASDAQ Composite climbed 61 shares of Google surged 20% the company posted a 31% jump in first quarter profits proof that the internet search giant is doing well despite the economic slowdown City Group also helped fuel the rally even after the company reported a quarterly loss of more than $5 billion investors were relieved the loss wasn't worse considering the nearly 10 billion City Group loss the previous quarter the banking giant will also fire 9,000 more employees because of losses tied to bad bets on mortgages another day another record for oil prices crude briefly topped $117 a barrel on Supply concerns triggered by news that a militant group in Nigeria had sabotaged an oil pipeline there and airlines are speeding up efforts to offset sor fuel prices American Delta Continental Southwest and Northwest all raised their fuel sear charges on domestic roundtrips by 10 to $20 the move matches a similar increase by United and analysts expect US Airways will quickly follow suit that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus