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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 manhattan jail, not far from the new york stock exchange. as if the eurozone didn't have enough problems, the arrest of strauss-kahn is the latest dark cloud for the region. veteran big board broker ted weisberg says it's also a stark reminder that u.s. investors should keep a watchful eye on europe. >> the world grows smaller economically every day, and i think what happens in europe does have an impact on the u.s. market. is it enough of an impact to completely derail the current positive bias that we've seen in the last 12 to 18 months? i'm not sure. >> reporter: it's been nearly 18 months since europe's debt problems began to heat up with questions about greek solvency. in that time period, the dow is up more than 2,000 points, or a very healthy 20%. nevertheless, u.s. market experts are most concerned about a potential domino effect in europe. strateg

that includes one courageous mom in pratt city.fter the storm she climbed over downed stre eed trees and nails sure her newborn son was safe. our renn noeld's wolf talks to her and has the latest on the recovery efforts there. >> reporter: i'm coming to you from pratt city, alabama, where cleanup continues. guys from alabama power have been picking up a lot of lines and power lines in the community. picking them up, sending them off, possibly recycling them. many beyond repair. it's the action you're going to be seeing not just here in this place but in communities around parts of central alabama, trying to clean up after the storm. as far as you can see, this neighborhood in pratt city, you've got wreckage everywhere. houses rip aid part, some of them completely off the foundations. look off in the distance here. every single house has had some kind of damage. nothing left untouched. certainly a tough thing to deal with. especially on a day like today which, of course, happens to be mother's day. speaking of mother's day, just yes

one fema center opening here in pratt city.h. we'll check in with reynolds throughout the morning. >>> a story i want to tell you about out of california. in three minutes, folks. it has a lot of people scratching their heads, a grave, a cemetery out in california where the grave stones have the "n" word on them, but white people are buried there. hey, dad, think i could drive? i'll tell you what -- when we stop to fill it up. ♪ ♪ [ son ] you realize, it's gotta run out sometime. ♪ you want that? you want a warm, super-delicious strawberry toaster strudel yeah but now i have nothing to eat sure you do. hey! you can have the pop tart! pillsbury toaster strudel. the one kids want to eat there's another way to minimize litter box odor: purina tidy cats. tidy cats premium line of litters now works harder to help neutralize odors in multiple-cat homes. and our improved formula also helps eliminate dust. so it's easier than ever to keep your house smelling just the way you want it. purina tidy cats. keep your home smelling like home.

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 access to skype's 170 million loyal web users. microsoft c.e.o. steve balmer explained it at a news conference, saying the plan is to put skype technology into microsoft products. >> microsoft and skype together will bring together hundreds of millions-- or as tony would say, billions-- of consumers, and empower them to communicate in new and interesting ways. >> reporter: those new and interesting ways are likely to include adding skype to window's mobile phones, outlook email, and even x-box game consoles. still, the news had many technology experts scratching their heads. after all, skype is not profitable. its web users skype other users for free. skype only makes money off of group video conferences and old fashioned phone ca

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

suzanne pratt reports. >> reporter: it's wednesday afternoon at this mall in garden city, new york, and you could play catch in the parking lot. a slow shopping center is hardly conclusive evidence of a weak economy, but some experts say it's no surprise given other signs of lackluster activity. the housing market remains in the cellar. sales are down at the nation's go-to store. and, job growth is still far too slow to put millions of americans back to work. economist ed yardeni also points to the recent increase in weekly jobless claims and weakness in the auto sector because of parts shortages in japan. >> the auto industry actually saw a very sharp drop in production in april and, as a result of that, they're not hiring and they're holding back 'til they can get the parts. so, i think, when you add it all up, we're probably looking at a soft patch lasting through the end of the summer. >> reporter: and, don't forget those higher prices at the pump. some say they've upset our financial state of mind. >> we all drive down the road and we see that price all the time, and so it gives an

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 say those higher price tags are affecting their household finances. >> they're higher than they were. and, i'm on a really low budget, so it's pretty tight. >> i'll take an extra moment to consider what i'm buying now than perhaps in months or years past. >> reporter: and, it's not just food. prices at the pump are still over $4 a gallon in many areas of the country. that's despite a recent drop in the cost of crude oil. on an annual basis, consumer prices 3.2% are higher than a year ago-- the biggest gain since october 2008. economist david wyss says policymakers have little control over the price of food or fuel. >> so, there's not much the fed can do to improve the weather and i don't think there's much ben bernanke knows how to do to improve the middle east. >> reporter: the confusing thi

i'm suzanne pratt. goodnight, everyone and have a great weekend-- you, too, tom. >> tom: good night, suzanne. i'm tom hudson goodnight everyone. we hope to see all of you again next week. "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 

suzanne pratt reports. >> reporter: when it comes to the european debt crisis, this is what wall street is most worried about. some call it the domino effect, others say contagion. what they mean is europe's sovereign debt troubles spreading beyond fringe economies like greece or italy. market strategist vadim zlotnikov says the biggest worry now involves germany, europe's strongest economy. >> the big question on people's minds is, to the extent that debt of the periphery needs to be cut or written off, how will that affect german banks? will they still be able to lend? and, if you start to withdraw liquidity from the markets in the nascent stages of the recovery, you could create more problems. >> reporter: more problems might include a lack of capital in europe at a time when the global economic recovery is still fragile. experts hope at-risk european nations will implement austerity measures and make payments on their debt. nevertheless, that's still a big if. and we know how u.s. stock investors feel about uncertainty. >> if you have a very short-term time horizon, there's a lot of

suzanne pratt, "nightly business report," new york. >> susie: joining us now for more analysis about that jobs report and the economy-- mohamed el-erian, c.e.o. of pimco, the world's largest bond fund. hi, mohammed, nice to have you. >> hi, susie. thank you for having me. >> susie: are things getting better in the jobs market? >> they are getting better. today was a strong number, not only in terms of the overall number, but also in terms of what we call the defusion index. we had 65% of the industry reporting job increases. however, and it's important to remember that, unemployment remains high, 9%, and the poied and the underpoied is still at 15.8%. and the thing that worries me the most, susie, a staggering 25% of the 16- to 19-year-olds are unemployed. so, yes, it's a good number, but we've got a lot to do to get back to normal. >> susie: well, you know, we hear c.e.o.s saying they're optimistic about the future, they have a lot of cash, they're doing mergers. do you expect an acceleration in hiring? >> i'm hoping for one, but, unfortunately, i don't expect it. and i don't expect

suzanne pratt, "nightly business report," new york. >> susie: here are the stories in tonight's n.b.r. newswheel: stocks ended lower for a third day. the dow lost 83 points, the nasdaq fell 13 and the s&p 500 off nine points. big board volume was above a billion shares, nasdaq volume more than $2 billion. oil prices finished lower as well. as we told you, in new york tradi, crude futures fell $1.81 to close at $109.24. intel announced a major breakthrough in chip design. the company plans to release 3d transistor chips to make p.c.s and smartphones faster and more efficient. they're called trigate transistors. intel expects them to start showing up in computers next year. >> susie: still ahead, shopping for bargains in retail. hilary kramer is our "street critique" guest. and later, in tonight's "money file," real world advice for college grads. >> tom: the u.s. treasury said today it plans to sell $72 billion of i.o.u.s next week. that's enough to bring the nation right up to the edge of its $14 trillion debt ceiling. raising that debt limit is the biggest battle in washington these

suzanne pratt looks at the relationship between crude oil and gasoline prices. >> reporter: at this new york city gas station today, the price of unleaded is still well over $4 a gallon. that's despite the fact that the price of crude oil tumbled last week, part of a global sell-off in commodities. in fact, during the first week of may crude dropped 15%, yet the national average for a gallon of unleaded gas actually rose 2%. in the energy markets, what goes up doesn't seem come down with the same enthusiasm. call it the quick rise, slow fall principle. consumers think it's price gouging. paul christopher of wells fargo says consumers are part of the problem of sticky gas prices. that's because they're reluctant to shop for cheaper fuel outside of their neighborhood. >> if you're driving to work and there's a gasoline station-- maybe, say, it's on the right- hand side of the road. you might be more apt to stop at that gas station than maybe across the street, which would force you to make a left-hand turn into it. so, there's a certain amount of what economists call an oligopoly, or that

i'm suzanne pratt. good night everyone and good night to you too, too many. >> tom: have a nice evening. i'm tom hudson, thank you for joining us. we hope to see you bac 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 "nightly business report's" video "how wall street works". to order this dvd, call 1-800- play-pbs or visit online at shoppbs.org. >> be more. pbs.

we have mayor william bell of birmingham but bill cosby touring pratt city. i think both of them really taken aback by the damage, specifically in that area. >> what i've seen of trucks and maintenance things coming to clear up, as long as that's happening -- and i think people have learned from katrina this this is reality. and your mayor to make sure so quickly, so fast, this is turning people into believers and we need them to believe that they can help each other. >> while this storm was devastating, it has brought out the best of our city. and i'm grateful to be the mayor of a city that has such wonderful people in it. >> reporter: it's amazing the damage we've seen in places like pratt city, obviously here in tuscaloosa, but many of the other smaller places, not only spots like, say, ohatchee, alabama, but even into georgia, ringgold, damage there. we have a long way to go in terms of our severe weather season. as soon as we get into june, we have the beginning of hurricane season. certainly a possibility of rough weather for months to come, along with

. >> reporter: i'm coming to you from pratte city, alabama.'ll step out of the way so you can see what the guys from alabama power are doing picking up the power lines, the community here, they are picking them up and sending them off to recycle. many beyond repair. this is the reaction in many communities here around central parts of alabama trying to clean up after the storm. as far as you can see, this neighborhood here has wreckage everywhere with houses ripped apart, some completely off the foundation. look off in the distance here, every single house has had damage, nothing left untouched. certainly a tough thing to deal with, especially on a day like today, which, of course, happens to be mother's day. speaking of mother's day, just yesterday in tuscaloosa we were able to meet a very interesting person. she's 20 years old. her name is alicia fairchild celebrating mother's day in a shelter. she is a very interesting story. >> all i could think was, my son, i have to get to my son. they pulled nails out of my feet from where i had to run

wonderful people in it. >> i can tell you that the cleanup has really begun in many places, including pratt city and here in tuscaloosa. you have to remember, again, this is a tornado of historic proportions. just incredibly large. at times over a mile wide in spots. so, t.j., certainly going to take a very, very long time before we recover. let's send it back to you in the studio. >> reynolds there for us in alabama. we appreciate you, as always, talk to you soon. >>> for our viewers, if you're looking for ways to help out the disaster victims in the south, go to cnn.com/impact and helping both flood and tornado victims. >>> an american born radical cleric linked to al qaeda appears to have escaped an american military attempt to kill him. a drone fired a missile into an area of southern yemen where he is known to spend time. he was born in new mexico is accused of recruiting the so-called underwear bomber who tried to blow up a plane in detroit back in 2009. >>> meanwhile, the taliban in afghanistan acknowledging the death of osama bin laden. this comes on the heels of acknowledgment from

having said that, he was taking calls and up rather early, and the same thing on saturday and sunday pratt sunday, he spent a great deal of this date in the west wing, a situation room. >> other than at bin laden, what are his objectives as far as budget and debt limit? >> this is a continuation of its effort to bring leaders of congress here in a social setting with spouses to improve communication in general. there is no agenda, there is no goal in terms of budget or any other issue, except to have that kind of conversation, which i think he finds a useful thing to do in terms of, in some ways, creating a better environment for the kind of work about the white house and congress needs to do together. nothing beyond that, george. hold on one second. >> thank you. two things. who is in charge of the compound now? >> that was asked -- or understanding from the visuals we have seen is that pakistani authorities are in charge of the compound. >> what was the legal basis for the intervention? >> i would refer you to the president said, that deepened the it -- that given the attack that osama b

>> i started as a lawyer working on the case but geronimo pratt, a black panther case. that ended up after 27 years to be proven. and we have learned that law enforcement' officers had good evidence or statutory evidence, let people commit perjury, said in the room and -- sat in the room to destroy evidence to convict someone who was innocent. and that is how i started my career as a lawyer. when i started that case, i began thinking this was a big conspiracy to frame this man. what i learned is -- and i discussed this with geronimo -- we are experiencing men and women who thought the end justified the means. they thought they had a bad man and it was ok to do anything necessary to convict him. as i look back on my career, present and future, i think we see that that is the concept that runs through police misconduct. i am sure there are officers who were just bad, let's say. i think officers see what they consider bad people, and they feel like they have to do what ever it takes to convict them. and i have seen it when i was a young lawyer, when we had narcotics teams,