back in black. stocks surge around the world, following wall street's big day. but can the rally last? hanging on. gop hopeful herman cain says he won't make a decision on his campaign until he talks to his wife. >> it ain't over until it's over and it ain't over yet. and under the sea. a fisherman gets a great white surprise off the carolina coast. captioning funded by cbs this is the "cbs morning news" for thursday, december 1st, 2011. good morning, everybody. good to be with you. i'm terrell brown. we begin with the suddenly

booming stock market. on wall street, they call this a santa claus rally and the reindeer were pulling extra hard on wednesday. the dow surged by 490 points, the seventh largest gain of all time. the last three days the dow up 7.25% and putting it firmly in the black for the year. the question is this rally for real? ashley morrison has that and more. good morning. >> good morning to you. >> reporter: that big rally continued this morning overseas. markets across asia soared following wall street's lead. hong kong's hang sang jumped more than 5% while tokyo's nek ki was up nikkei was up almost 2%. the european markets looked poised for another up day.up ni. the european markets looked poised for another up danikkei . the european markets looked poised for another up day. wednesday's rally was kicked off by a coordinated global effort to cut off panic. central banks of europe, england, japan, canada and switzerland to cut the borrowing dollars for european banks. the hope that will ease the strain in the markets.

it certainly did wonders on wall street. all of the major indices rose more than 4% yesterday but the analysts warn the fed move isn't the long-term solution. >> it solved the immediate problem and the immediate problem was making sure we didn't have a failure of a major financial institution that could have caused lehman brothers types impacts on the global marketplace. >> reporter: and it wasn't just the fed's move that put a jolt into the markets. we are seeing some positive developments on the labor front. private employers added 206,000 jobs last month and the that is raising hope for the government's monthly unemployment report which we will see on friday. we got a rare piece of good news on the housing market. the number of americans who signed contracts to buy homes jumped 10% in october to the highest level in a year. today, the markets will likely be moved by the weekly jobless claim numbers. we will also get the latest on consumer spending with reports on retail and auto sales, so it should be another busy day on wall street. >> we don't talk a lot about good news, ash.

>> no. >> good to see you. thank you. ashley morrison in new york, thank you. politics now. the latest allegations of sexual misconduct. herman cain says he'll decide by next week whether to continue his campaign. his decision apparently hinges on a critical meeting tomorrow with his wife. susan mcginnis is in washington with details. >> reporter: they have only spoken by phone since monday. herman cain has not talked to his wife in person since these new allegations came to light. meanwhile, his political losses seem to be turning into gains for another candidate. herman cain isn't ready to call it quits. >> it ain't over until it's over and it ain't over yet. >> reporter: wednesday, he told new hampshire supporters he'll decide whether to continue his white house run after talking to his wife in person tomorrow. the republican hopeful hasn't seen gloria cain since allegations of infidelity first surfaced monday. >> since i've been campaigning all week, i haven't had an

opportunity to sit down with her and walk through this with my wife and my family. >> reporter: the onetime gop front-runner has denied having a 13-year affair and while he admits his fund-raising contributions have taken a hit, most supporters appear to be sticking with him for now. newt gingrich has gained the most from cain's slip in the polls. now at the ed of the gop pack, the gop hopeful is trying to win over tea party support taking aim at president obama. >> he stands for unemployment. at a values level, we stand for american exceptionalism of the declaration of independence. he stands for some weird european international lead a secular model that doesn't work. >> reporter: the president is hoping voters will give him more time to turn the nation around. >> if you are willing to work harder in this election than you did in the last election, change will come. >> reporter: core supporters appear convinced. last night alone, he raked in more than $2 million at three new york city fund-raisers.

now as for cain, looking at his schedule of campaign stops and new ads coming out, it looks like he is still pursuing his bid for the nomination, but republican operatives are saying his bid is over, whether he quits or not. terrell? >> we will know soon enough. susan mcginnis in washington this morning, thanks. herman cain has taken heat from critics over his lack of experience in foreign policy and national security. so his campaign posted a sum of his views online. included is a world map entitled my assessment of our key country relations with labels for several nations. canada and japan are labeled friend and ally. egypt and pakistan, danger and opportunity. china is a competitor. and russia, arrival. president obama is pushing hard for an extension of the payroll tax holiday. speaking of pennsylvania. yesterday, the president warned of a massive blow to the economy if republicans block it. president support of extending the tax cut, but not boosting

taxes on the very wealthy to pay for it. the ongoing scandal at penn state university. last night, penn state administrators participated in town hall meetings that were organized by students. the meeting was held soon after the first lawsuit was filed against former assistant football coach jerry sandusky. a lawyer for the unidentified plaintiff, now 29, says sandusky sexually abused him more than 100 times, starting when he was 10 years old. >> sandusky spotted him and spotted his promise and began to groom him, and that is what predators do. >> reporter: the suit also alleges sandusky threatened the boy's family to keep him quiet. the lights went out in parts of langs last los angeles last night because of santa ana winds. passengers in the terminals had to get around in the dark or just lie down and relax.passeng to get around in the dark or just lie down and relax. a small plane taking off from boeing field in seattle last night, veered off the runway and hit a plane parked on the tar mark. two people were on board the

plane taking off. a student pilot and his instructor. they both suffered minor injuries. john hinckley, the man who tried to assassinate president reagan, may testify today at a hearing in hopes of winning more freedom of movement. hinckley was declared insane when he shot president reagan back in 1981. he wants to spend more time outside a washington mental hospital. but the government said he recently lied to cover up a trip to stores when he looked at books on reagan's presidential assassination. vice president joe biden heads to turkey today after wrapping up a two-day trip to iraq. meeting with the iraqi prime minister, biden said, the withdrawal of u.s. troops by the end of the year, will usher in a new relationship between u.s. and iraq. earlier this year, baghdad and washington failed to come to an agreement keeping a small u.s. presence after january 1st. take a quick break on a thursday morning. coming up, a startling discovery beneath the u.s./mexican border. this is the "cbs morning news." plus the road to the grammys. highlights of last night's big nomination show.

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oh, those wild and crazy aussies. i tell you. night surfing and wired surf suits off famed vondy beach. the colorful event was to celebrate december 1st, the official start of summer down under. an unusual piece of advice. don't go for a dip. you might also considering getting a big boat. this is a great white shark caught on video posted online. notice he sure seems interested in the fishing boat and the potential snacks on board. some people just ask for it, i'll telling you. the grammy award nominations are out this morning. the selection were announced at a live concert performance last night that was right here on cbs. featuring performanced by lady gaga and other nominees. kanye west scored seven nominations to lead the pack. british singer adele got six including record song and album of the year.

the grammy awards will be february 12th in l.a. federal agents in california captured tons of marijuana and found an amazing drug smuggler's tunnel. the tunnel is the length of six football fields. manuel gallegus has more. >> reporter: it is being called the most elaborate and sophisticated drug tunnel along the u.s. and mexican border. a 600-yard passage way linking tijuana and san diego. authorities recovered a total of 32 tons of marijuana. on the street, that's worth about 53.5 million dollars. it's one of the largest pot busts in u.s. history. half of that haul was found in a san diego warehouse packed in boxes. the investigation began over the summer when agents believed the tunnel was still under construction. increased border security has

forced drug cartels to come up with other ways to move their illegal merchandise. >> if they can't cross the border above ground, they attempt to tunnel underneath it. >> reporter: u.s. officials say the message to the cartels is clear. >> if you build it, we will find it. and when we find it, we'll destroy it. >> reporter: prosecutors say the real work begins now, as they link the tunnel to a drug organization and move to dismantle it. manuel gallegus, cbs news. a former county sheriff once named america's sheriff of the year is in jail in colorado charged with selling drugs that shocked his commute. patrick sul have been was sul -- patrick sullivan was in court. the judge raised his bail to $500,000 and sent him to a jail named for him. the former arapaho county serve is accused of offering methamphetamine in exchange for sex. online auction has brought a

super price for a copy of the very first superman comic book, a rare first issue of action comics published in 1938 with a 10 cent cover price. it sold for $2.16 million. only about 100 copies are believe to still exist. coming up, your thursday morning weather. and in sports, a shoot-out in north carolina and a scary fall for a cheerleader in michigan. north carolina and a scary fall for a cheerleader in michigan. er ] take the fixodent 12 hour hold challenge. apply fixodent once, and it holds all day. ♪ take the fixodent 12 hour hold challenge. guaranteed, or your money back. ♪ pantene said, "breakage and split ends? get pantene breakage to strength." [ female announcer ] the keratin protection pro-v system helps prevent then repair split ends. zero fear of breakage, 100% more strength. pantene.

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here's a look at the weather in some cities around the country. time now for a check on the national forecast. the latest satellite picture shows scattered snow showers over the great lakes. the southern plains and southeast have clear skies. later today, snow will begin moving into the central rockies and even portions of the southwest. scattered snow showers will continue in the western great lakes area. and it will be sunny all along the east coast. in sports this morning, a top ten battle in college hoops. fifth ranked north carolina got 20 points from harrison barnes. tar heels would knock off number ten wisconsin. the badgers made a comeback try in the fourth quarter but fell short. final north carolina over wisconsin 60-57. in east lansing michigan, keith appling of michigan state had 24 points.

65-49 over florida state. a time-out during the game. a michigan state cheerleader was injured. take a look. she was lifted in the air and fell hard to the court. geez! taylor young was strapped to a backboard and gave a thumb's up. she was cheered by the crowd on the way out. she is hospitalized, but in stable condition. in the nfl buffalo wide receiver stevie johnson is out 10 grand this morning. the league find him for this. his over the top touchdown celebration and last sunday's loss to the new york jets. johnson was mocking jets receiver plaxico burress but pretending to shoot himself in the thigh. burress did just that in a new york city nightclub in 2008 and later went to prison for illegal gun possession. when we return, another look at this morning's top stories. and the amazing new contact lenses that not only help you see, they fight disease. save up to 30% on select kong® products and save $6 on select iams® cat food.

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on the "cbs morning news" here is a look at today's weather. december starts with wind whipped snow blowing into the

central rockies from the north. winds are also howling into the southwest and southern california up to 50 miles an hour. the western great lakes have scattered snow showers. here is another look at this morning's top stories. this morning, asian stocks are higher following yesterday's big wall street rally. the dow posted its seventh biggest advance of all time, over 490 points. stocks surged following a move by europe's central banks to ease the debt crisis. herman cain will decide next week to continue his campaign for the presidential nomination. cain says he'll talk to his wife tomorrow about the latest charges of sexual misconduct against hem and go from there. the fda is reconsidering its standards for the level of arsenic in fruit juices and it follows a consumer report study that tested 88 samples of grape and apple juice. 10% had arsenic levels above the federal limit for drinking water. the government is looking at that with an eye to ordering the cut of such chemicals allowed in

juice. >> we think that's especially important for children whose young, small bodies are growing and who are much more vulnerable to those exposures. >> lead is an issue too. it has more lead than allowed in bottled water. these are the sci-fi version but not we are used to. they may replace how you take medications and access the internet. >> reporter: the way you watch tv and surf the net and read is about to change before your eyes. >> you could be reading your e-mails while walking down your street. >> reporter: not on your hand-held device but in your contact lenses. >> i'd be specialed -- interested in this testimony. >> reporter: it may look like sci-fi but this is the future of contact lenses and it has nothing to do with correcting your vision. these new smart images contained led lights so you can read information in front of your eyes.

coming soon to a lens near you, your favorite tv shows and web sites and that is not all. >> there is a possibility to develop a really, really important new tool for medicine. >> reporter: packed with circuits, sensors, and wireless technology, these smart lenses have been designed to keep an eye on your health. >> it allows for very noninvasive continued monitoring of the human body. >> reporter: instead of a blood test, scientists say these new lens will be able to check things like your cholesterol and glucose levels which also can be found on the surface of the eye. >> i hate it. it hurts. >> reporter: diabetes sufferers like kim carter could monitor their blood sugar without ever having to draw blood again. >> i would definitely try it out. >> reporter: other smart lenses can diagnose glaucoma, a leading cause of blindness. >> remember, glaucoma has no symptoms. >> reporter: he believes they are an unbelievable diagnostic

tool. >> it would download the information wirelessly to its device and perhaps see how the eye has changed over the course of time. >> reporter: they won't only monitor a disease. these lenses will treat it as well. >> this lens has the ability to release medication to the eye for a long period of time. >> reporter: harvard researchers are currently testing medicated lenses. the light brown ring in the center contains the drug. >> this object will be placed in the eye and the drug would just slowly leak out over time. >> that was maurice duvo of wcbs reporting. a holiday tradition here in new york last night. the annual tree light at rockefeller center, but the radio city rockettes providing the kickoff. ♪ >> 5-4-3-2-1! >> i still want to say happy new year for some reason.

tens of thousands of people packed in to get a look. the tree has 30,000 lights that run five miles long and it will be on every night until january 7th. sure does look a lot like christmas. i'm terrell brown. and this is the "cbs morning news." ally think about which battery makes their toy run, but, still, you'd never want to disappoint. duracell. trusted everywhere. with crest 3d white professional effects whitestrips. it penetrates below the enamel surface to whiten as well as a $500 dentist treatment. the secret's in the strip. crest 3d white professional effects whitestrips. life opens up when you do. ♪ a little rendezvous ♪ that special something ♪ that will carry you through ♪ that little reward ♪ for all the things you do [ female announcer ] luscious, creamy filling -- perfectly combined

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four minutes before 5:00 on a thursday morning, another clear but cold day start. tim is in the first warning weather center. >> yeah, you will need that coat. temperatures in the 30s across the state, 37 degrees at bwi marshal, 27 oakland, 38 in the shore, 40 in southern maryland, temperatures going up just a little from here, going up to 52 degrees mostly sunny skies, overnight lows are clear, down around 28, then for tomorrow, 54, a full day of sunshine but it stays chilly. we quill have your complete

first warning weather forecast coming up shortly, don. >> the survey shows the number of school age children living in poverty has jumped 5%. a guilty plea from a coca cola employee, and a public hearing on a proposed merger is set for 7:00 tonight at the war memorial downtown. already in 3 news right in the news right now putting a face to the voice, the woman heard on those robo calls speaks to the media. back on u.s. soil put not home, where gary giordano spent the night. and sold at auction, by the late aim winehouse and it amy late aim winehouse and it amy winehous,,,,

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