Oil hits $135 record; Dow ends week down 146 points
CBS
Transcript
investors get a much needed rest after a rocky week on Wall Street the markets are closed for the Memorial Day holiday it was a losing week for stocks as oil prices soared past $135 a barrel for the first time and gas prices hit records every day prices at the pump are now 20% higher than last year the Dow tumbled 146 points down nearly 4% for the week the NASDAQ lost 20 on Friday down over 3% for the week drivers are cutting back on their time behind the wheel Americans drove 4% fewer highway miles in March compared to last year it's the first decline for the month of March since the late 1970s oil and gas prices will remain in the spotlight this week investors will also be sorting through reports on consumer confidence new home sales and personal income and spending workers will be back on the assembly line at Auto Part supplier American Axle this week after settling a three-month strike but not before the work stoppage cost General Motors 1.8 8 billion GM says it expects to produce 230,000 fewer Vehicles during the quarter because of the strike that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus