i'm emily smith in for michelle gielan. rescue crews searched, but still no sign of those 11 missing oil rig workers. two empty lifeboats were recovered. the oil rig itself has gone under creating a potential for a major oil spill and sparking fears of environmental catastrophe. terrell brown has our report. >> reporter: more explosions rocked the deepwater horizon oil rig. after burning for 36 hours, it sunk. rescue teams in the gulf of mexico are still focused on locating the 11 missing workers, even though hope for their survival has faded. >> based upon reports from our crew members we met as they came in last night, at the time of the incident, they believe that they may have been on board the rig and not able to evacuate. >> reporter: crews 50 miles off the coast of louisiana are also dealing with a growing environmental concern. the rig was carrying 700,000 gallons of diesel fuel and could spill as much as 8,000 barrels of crude a day. >> i think it certainly has the potential to be a major spill. >> reporter: the co

i'm emily smith and this is the "cbs morning news."ght kid, let's get ready for this morning's quiz. christopher columbus sailed the ocean blue... in 14 hundred and 92. nice! follow me, the missouri river is this way! lewis and clark expedition of 1804. oh, he'll never get this. magellan, 1520. awww, my 8 layers must've given it away. help keep your kid full and focused with 8 filling layers... of whole grain fiber found in kellogg's® frosted mini-wheats® cereal. this is one giant leap for mini-kind™. keeps 'em full. keeps 'em focused. hoo hooo! ,,,,,,,,,,,,,,

"the back-up plan" came in second. >>> emily smith in new york. thanks. >>> just ahead, calling in the national guard to put the brakes on a crime wave in chicago. >>> plus, the angry debate over arizona's tough new law against undocumented immigrants. you're watching the "cbs morning news." orning news." ache all over. i found out that connected to our muscles are nerves that send messages through the body. my doctor diagnosed it as fibromyalgia, thought to be the result of overactive nerves that cause chronic, widespread pain. lyrica is believed to calm these nerves. i learned lyrica can provide significant relief from fibromyalgia pain. so now i can do more of what i love. [ female announcer ] lyrica is not for everyone. lyrica may cause serious allergic reactions or suicidal thoughts or actions. tell your doctor right away if you have these, new or worsening depression, or unusual changes in mood or behavior or any swelling or affected breathing or skin or changes in eyesight, including blurry vision, or muscle pain with fever or tired feeling

. >>> another cbs "moneywatch," there was profit taking in asia this morning and emily smith is here in new york with that and more. emily, good morning. >> reporter: good morning. well, most asian markets fell came on concerns the global economic recovery may not be able to hold. the nikkei lost about 1%. today wall street gets an earnings report from chip maker intel. monday the dow gainedle points to close above 11,000 for the first time in a year and a half. the nasdaq was up 3 and change. a bill to restore benefits to the long term unemployed 45s advanced in the senate after several republicans joined democrats to end a filibuster. both parties blame each other for allowing the program tos lapse last week. unless it passes, about a million americans will lose their benefits this month alone. >>> president obama is about to lose a close ally in organized labor. andy stern, president of 2.2 million strong service employees international union, will reportedly step down from his post at age 06 after 14 years. the sciu spent about $60 million to help mr. obama win the white house. >>

and emily smith is here in morning with that and more. y, good morning. >> reporter: good morning. some major profit taking in asian markets this morning. the nikkei last more than 1.5%. today wall street gets earnings reports from ibm and citigroup. friday bank stocks pulled the market lower when the dow lost almost 126 points. the nasdaq was down 34. >> the investigation in to the collapse of countrywide financial appears to be cunning steam. the wall street journal reports that several federal probes are underway into the company's role in the financial meltdown. for a time countrywide was the nation's largest mortgage lender. by 2008, the housing crisis had taken its toll on the company and it was purchased by bank of america. >>> goldman sachs is promising to fight fraud charges. wall street was rocked friday when the sec hit the bank with allegations it had intentionally misled investors with the sale of some of it mortgage investments just as the housing market was beginning to collapse. goldman stock dropped 13% following the charg

. >> emily smith here in morning. thanks. >>> president obama welcomed the world champion new york yankees to the white house. mr. obama, who we all know is a big chicago white sox fan, shook hands with the yankee, praised team captain derek jeter, ace relieve paper rivera and the team's 27 champions. >> this is a team that goes down to spring training every year expecting to win it all. and more often than not, you guys get pretty close. of course if i had rivera, i'd get pretty close, too. >> and the president seemed to enjoy holding the world series trophy as they posed for photographs. for some of the yankees, this was their fifth visit to the white house as champions. they have been honored by three different presidents. >>> straight ahead, your tuesday morning weather. and t in sports, the magic swee into the second round of the nba playoffs. ere. what do you guys want to do? both: make rice krispie® treats! six. how many cups is it? oh, that's not six yet. whoa. where's the pan? both: over there. ( laughter ) p

. >>> on "moneywatch," big gains this morning and emily smith is here with that and more. >> reporter: good morning. well, stock markets in asia traded higher this morning on news that the european union is stepping in with aid to help greece's debt crisis. the nikkei gained more than 2%. this week wall street gets the latest on consumer confidence and unemployment. friday a huge jump in new home sales pushed the market higher. the dow gained almost 70 points on the nasdaq added 11. >>> congress debates financial reform legislation. some lawmakers are urging the justice department to open a criminal investigation of wall street powerhouse goldman sachs. the bank's ceo and other top executives are scheduled to testify before a senate sub committee tomorrow. newly released memos show executives boasting will huge profits after betting against the housing market. >>> facebook's new features have privacy advocates concerned. charles schumer wants the federal trade commission to set guidelines for how social networking sites use and distribute your personal information. last week facebook