Banks tighten lending standards; oil tops $120 a barrel
CBS
Transcript
it's getting tougher to borrow money the Federal Reserve says nearly two-thirds of US Banks tightened their lending standards in the first three months of the year banks are restricting access to credit after reporting more than $300 billion do of losses and write Downs because of bad bets on risky mortgages most Americans are bracing for $5 gasoline a new survey finds that 94% of Americans expect to pay $4 a gallon sometime this year and 78% say they expect the price at the pump to hit five bucks a gallon investors will be watching the oil pits today after crude topped $120 a barrel for the first time ever on Monday that spike in crude prices and a drop in the dollar Cent stocks lower the Dow sank 88 points and the NASDAQ fell back 13 on the earnings docket today expect reports from companies including Disney Cisco Systems and the home builder DR Horton and if you're planning on buying a flat panel TV or home theater system don't wait too long several electronic retailers say prices could creep Higher by the time the holiday shopping season rolls around they say higher production costs in China the week dollar and record fuel costs will lead to higher prices that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus