my colleague susie gharib will be along later in the program. it may not have been the reaction many investors expected after the death of the world's most wanted terrorist. many americans did cheer the death of osama bid laden, including this celebration at ground zero in new york-- the site of his most deadly attack. his confirmed killing in a u.s. attack initially saw stocks rally and energy prices sink. but the demise of one threat also reminds investors and business of the ever-present risk of terrorism. erika miller reports. >> usa, usa. >> reporter: at ground sdwlero today there was a mix of emotions. some people re-- rejoiced. >> we celebrating death which we hardly ever do. we hardly ever celebrate death but we are celebrating the death of one really bad individual. and that was the death of osama bin laden. he caused so much pain. >> reporter: and that pain was visible on plenty of faces. others were nervous. >> what is it going to do? i think it's going to push up an attack on us here. they're going to have to plan something real quic

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by:

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made pole by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. susie gharib is off tonight. i'm joined by my colleague suzanne pratt. suzanne, stocks moved higher today, putting a halt to a three-day selloff. >> suzanne: tom, one of those bumps could be the completion of the federal reserve's bond- buying program, scheduled for the end of june. the $600 billion strategy is known as qe2, or quantitative easing. its goal has been to keep bond prices high and interest rates low. >> tom: so, what will the end of qe2 mean for your portfolio? erika miller reports. >> reporter: ask anyone on the street about qe2, and here's what you'll get: >> qe2 means queen elizabeth the second. >> that's a cruise ship? >> qe2? >> reporter: but the end of the fed's second quantitative easing program could affect borrowing rates on everything from mortgages to st

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie: good evening, everyone. my colleague tom hudson will be along later in the program. microsoft is betting big on skype, making its largest acquisition ever. the software giant announced today it's paying $8.5 billion in cash for the world's most popular web-calling service. microsoft outbid rivals google and facebook, reportedly more than doubling their offers. still, even with skype's millions of users, investors are skeptical of the purchase. suzanne pratt takes a look at why microsoft's big bet isn't getting rave reviews. >> reporter: this is the future of global communication, and microsoft wants in on the action. let's face it-- microsoft is still a huge laggard when it comes to the internet and the consumer market. not only is "skyping" so popular that it's a verb, but the deal gives microsoft ac

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> susie: good evening everyone. my colleague tom hudson will be along later in the program. a verdict today in the largest probe of insider trading at a hedge fund in u-s history: billionaire investor raj rajaratnam was found guilty of all 14 counts. a jury convicted him on five counts of conspiracy to commit securities fraud and nine counts of securities fraud. the conviction, after an eight- week trial, is a huge win for the government's efforts to punish insider trading on wall street. we'll get analysis from a legal expert in just a moment, but first, erika miller was at the courthouse and has details on today's verdict. >> reporter: once a high-flying wall street investor, raj rajartnam is now a convicted felon. the founder of the galleon group hedge fund was convicted in a scheme that netted him $64 million in ille

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie: good evening, everyone. inflation is heating up and we can put the blame squarely on food and fuel costs. tom, retail prices in april hit their highest level in two and a half years. >> tom: susie, the increases were in line with what economists expected. still, the consumer price index jumped 0.4% last month in large part because of higher prices at the pump. take out food and energy and the core-rate rose a very modest 0.2%. >> susie: higher prices may not yet be visible in all areas of the u.s. economy. but, as suzanne pratt reports, paying more for food and fuel is taking a toll on consumers. >> reporter: it's no surprise to most shoppers in this new york grocery store that it's getting expensive to put food on the table. after all the cost of yogurt, milk, eggs and meat all rose last month. many

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs captioning sponsored by wpbt >> tom: good evening and thanks for joining us. susie gharib is off tonight. i'm joined by my colleague suzanne pratt. wall street welcomes a new chapter in barnes and noble's search for a buyer. since august the bookstore has been looking for a buyer and it found one in liberty media. suzanne, the buyout offer sent barnes and noble shares up 30%. >> suzanne: tom, now everyone wants to know what liberty's john malone sees in the many analysts think he's focuses e-book reader. a new version of the nook is due out next week. >> tom: liberty media has been known for seemingly unconventional deals in the past. it owns the atlanta braves, major league baseball team; a technology company that can locate mobile phone signals for security purposes, called true position but the billion-dollar offer to buy a book store has many wondering about this deal. >> is t

i'm susie gharib.. good night, everyone, and good night to you, too, tom. >> tom: have a good night, susie. i'm tom hudson. good night, everyone. we hope to see all of you again tomorrow night. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> more information about investing is available in: to order this dvd, call 1-800- play-pbs or visit online at shoppbs.org. >> vo:geico, committed to providing service to its auto insurance customers for over 70 years. more information on auto insurance at geico.com or 1-800-947-auto any time of the day or night.

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie: good evening everyone. an important milestone for chrysler today. it repaid $7.5 billion in bailout loans from the u.s. and canadian governments. and tom, for chrysler this is an amazing story about its determination to survive. >> tom: and its ability susie, c.e.o. sergio marchionne marked the payback at a chrysler plant in michigan. he said the repayment closes an important chapter at chrysler, but added there is still "work to be done." >> we are changing both the image and the substance of our group and regaining the faith of the public. this impressive about-face prompted one commentator to say that we have gone from third world to world class. >> susie: chrysler survived financial collapse after the u.s. forced it into bankruptcy almost two years ago. the government committed more than $12 billi

susie gharib is off tonight. tom, summer gets off to an unofficial start this memorial day weekend and many americans are likely to hit the road. still, higher gas prices may take a bite out of some of those travel plans. >> tom: suzanne, we're definitely seeing that in the latest data on the consumer. consumer spending rose less than expected last month gaining a modest four-tenths of 1%. economists say prices at the pump continue to put the squeeze on household budgets. >> suzanne: if you're not driving this weekend, perhaps you're taking to the skies. a new survey from a.a.a. predicts airline travel is likely to be up 11.5% during the holiday period, a healthy pick up from last year. the increase in demand comes as the airlines cope with a rather persistent headwind. >> reporter: veteran airline specialist ray niedl explains it best. >> oil is the single biggest factor by far for airlines. >> reporter: according to an industry group, jet fuel represents about a quarter of passenger airline overhead, surpassing

susie gharib is off tonight. i'm joined by suzanne pratt. google finally took the wraps off google wallet. >> tom, the google effort put software on smart phones, it allows subscribers to use the device to pay for things. mobile payment services are widely used in japan and already there are other u.s. companies testing similar applications. >> tom: erika miller explains there are some obstacles to the success of the google wallet. >> reporter: it's a familiar routine. you go into a store, pick out the items you need and pay with cash or credit card. but if google and mastercard have their way, the experience will soon be much different. shoppers will get personalized coupons on their cell phones, pay with the phone and have receipts immediately emailed. mastercard's ed mclaughlin promises nothing short of life- changing technology. >> we think the experience is absolutely revolutionary. it's going to transform shopping. so, it's not simply the payment- - which you can use paypass and the trusted mastercard network for-- all that like you wo

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> susie: good evening everyone. the head of the international monetary fund is in a u.s. jail tonight. dominque strauss-kahn was arraigned in new york today on charges of sexual assault and attempted rape. tom, these allegations add uncertainty to the debt crisis in europe. >> tom: susie, strauss-kahn is widely respected as an authority on europe's economic issues. his legal trouble comes at a critical time, as greece and other troubled countries are negotiating this week for financial help. >> susie: today eurozone nations approved a big bailout package for portugal-- $111 billion. what do all these developments mean for american investors? suzanne pratt reports. >> reporter: i.m.f. director dominique strauss-kahn was supposed to be in brussels today tackling europe's newest money troubles. instead he sits in a manhatta

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. big oil and big tax breaks made for a volatile combination on capitol hill today, susie. >> susie: tom, c.e.o.s from the five biggest oil companies were there, defending their big profits and tax rates. the top execs from exxon mobil, shell, b.p., chevron and conoco phillips all came before a congressional committee. >> tom: those oil companies went on the defensive, thanks to a democratic effort to repeal their tax rates. republican senators were quick to point out that changing the tax rates of big oil companies wouldn't help the country's debt problem. and as darren gersh reports, the hearing was contentious and, mostly, political theater. >> reporter: the oil executives took an aggressive stance, vigorously defending what they pay in taxes, saying the tax brea

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie: good evening, everyone. another down day for the stock and commodity markets on renewed worries about the american economic recovery. and tom, investors are also very anxious about tomorrow's critical report on the job market. >> tom: oil saw a stiff sell- off, falling below $100 a barrel for the first time since march. in new york trading, crude futures tumbled 8% or about $10 to $99.80. looking at precious metals, gold dropped 2%, closing below the $1,500 level. silver declined 8% to $36 an ounce. but the u.s. dollar rallied on word that interest rates in europe may not rise as soon as many expected. >> susie: erika miller has more on today's market action, and whether the years-long commodity rally is over. >> reporter: there's an old saying that the cure for high oil prices is high oil prices, and

this is "nightly business report" with susie gharib and tom hudson. this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. stocks and commodity prices were down today, and susie, gold and silver also dropped sharply. >> susie: tom, the recent sell- off in precious metals accelerated today. silver prices plunged 7.5% to just under $40 an ounce. gold fell $25 to $1,515. one catalyst? word that george soros' big hedge fund is cutting back its position in precious metals. >> tom: and another factor in the selling? maybe new margin requirements for silver from the c.m.e. group. the commodities exchange has raised trading costs three times in the past week, making it more expensive for investors. and speculators. suzanne pratt reports on whether the outlook for precious metals is tarnished. >> reporter: listen closely and perhaps you can hear the silver bubble popping. having doubled its price in six months, the white metal is down 19%

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. one more night in jail for dominque strauss-kahn. the former chief of the international monetary fund will be released tomorrow on $1 million bail. susie, a federal judge granted bail late today, pending strauss-kahn's trial on charges he sexually assaulted a hotel maid in new york city. >> susie: tom, those charges forced strauss-kahn to resign as the i.m.f.'s chief, and also set in motion a high-profile search for his replacement. it's a coveted job-- the i.m.f. acts like the top central banker for the global financial system. >> tom: and it's also a pressure cooker job, given the state of the world's finances. acting chief john lipsky today called the global economy shaky. speaking to world bankers, lipsky said the global recovery is "fragile and beset by uncer

my colleague susie gharib will be along later in the program. since the u.s. financial markets are closed, we're focusing instead on a group that's likely to have a big impact on the global business scene in the coming years-- young entrepreneurs. as bill gates and mark zuckerberg showed when they were barely out of their teens, young people are very capable of seeing the potential for a new product or service. what's often tougher for them is convincing others of the value of a great business idea. as anna olson reports, that's what some up-and-coming teen entrepreneurs are learning to do. >> my business is delicious new york. i offer honey made cookies and they're 109 calories each. >> reporter: if you think he looks young, well, that's because he's 14. but don't let that fool you, he's already sold 2,000 cookies. >> my company's mission is to offer a healthy but delicious cookie without sacrificing taste i kashgs lee a now wants to take delicious new york to the next level, turning it into a real operating company and he's not alone. so do you entrepreneurs