Oil hits record $122; Dow gains 51 on earnings beat
CBS
Transcript
Gas prices will continue to rise into the summer. The government raised its short-term forecast for gas prices to an average 373 a gallon nationwide by June, but officials say the record high prices will mean a big drop in demand, and that could spell relief for drivers down the road. Oil prices will remain in focus on Wall Street. Crude topped $122 a barrel Tuesday for the first time ever. Some analysts predict crude will hit $200 a barrel in the next two years. Investors will also be reacting to better thanex expected earnings news from both Disney and Cisco Systems. On the economic front, Wall Street will be evaluating reports on worker productivity, pending home sales, and consumer credit. On Wall Street Tuesday, investors shrugged off that spike in oil prices to finish higher. In the end, the Dow climbed 51 points. The Nasdaq Composite closed up better than 19. Sprint, Nextell, and Clear Wire are close to announcing a 12 billion dollar joint venture that plans to roll out ultraast wireless internet access for cell phones and laptops. And Microsoft has signed deals with Korean automakers Hyundai and Kia to use its in-car software that lets drivers use voice commands to control music players and phones. Car makers may soon add a navigation feature to that software. That's your money watch. Click on cbsnews.com to find out more. In New York, I'm Alexis Christopherus.