crank ef. >> that' . >> susie: that's "nightly business report" for thursday, july 22. >> tom: i'm tom hudson good- night everyone and good-night to you too susie. >> susie: good-night tom. i'm susie gharib. goodnight everyone. "nightly business report" is made possible by: 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.

i'm tom hudson. have a great evening, susie. >> thanks, tom. thanks for watching, everyone. we hope to see all of you 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 "nightly business report's" video "how wall street works". to order this dvd, call 1-800- play-pbs or visit online at shoppbs.org.

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. b.p. could soon have a new boss. there are reports that tony hayward will step down as c.e.o. in october. tom, the man expected to move into that job is robert dudley. he's been overseeing the spill operations in the gulf of mexico. if he gets the job, he'll be the first american to run the british oil giant. >> tom: susie, b.p. stock surged almost 5% on the rumors. reportedly, b.p.'s board met today to discuss the management change and is expected to make an announcement tomorrow. >> susie: hayward has been criticized for his missteps and mishandling of the massive oil spill. and, as stephanie dhue reports, it may take more than a change at the top to fix b.p.'s problems. >> reporter: tony hayward had more than his share of blunders >> i had no problem with drilling of this wel

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 watching. the new c.e.o. of b.p. said today his first priority is to "clean up the beaches" and "restore the gulf." robert dudley was named c.e.o. of the british oil giant, replacing tony hayward. as we reported last night, susie, dudley is an american and longtime b.p. insider, and the change in leadership will happen october 1. >> susie: tom, that announcement came as the embattled company reported a second-quarter loss of $17.2 billion. the massive red ink was due to the more than $32 billion b.p. is setting aside to cover costs from oil disaster in the gulf of mexico. excluding the charge, b.p. earned $5 billion, compared to nearly $3 billion a year ago. >> tom: b.p. also announced plans to sell $30 billion of assets before 2012 to help pay bills from the spill. suzanne pr

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. the u.s. recovery lost momentum this spring, susie. that came as consumers spent less and imports surged. >> susie: tom, "sluggish" is the best way to describe growth in the second quarter: the gross domestic product, or g.d.p., slowed to an annual rate of 2.4%. that's down from a revised 3.7% in the first quarter, but on the positive side, this is the fourth straight quarter of growth. >> tom: the smaller g.d.p. figure was balanced by a big jump in midwest business activity. the chicago purchasing managers index marked its 10th straight month of expansion, up to 62.3. any number over 50 signals growth. today's numbers highlight the cross currents in the economy, and whether growth will be strong enough to drive down unemployment. suzanne pratt takes a look at wha

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 watching. relief will soon be on the way for 2.5 million americans who've lost their unemployment benefits. susie, the senate today cleared a measure to extend those benefits. >> susie: tom, two republicans joined 56 democrats and two independents in voting for the measure, breaking the senate stalemate with a 60 to 40 vote. the house is expected to take up the measure tomorrow, and send it to president obama's desk next week. >> tom: democrats and republicans both agreed the benefit extension was needed, but they disagreed on how to pay for its $34 billion cost. as it stands, new borrowing will pay for the measure. >> what we do not support and we make no apologies for this is borrowing tens of billions of dollars to pass this bill when the national debt is spinning completel

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, thanks for joining us. susie gharib is off tonight, suzanne pratt joins me. wall street continued its focus on earnings today, suzanne, with disappointing results from boeing, comcast and c.v.s. caremark. >> suzanne: tom, we're just over the halfway point for second quarter results, and despite today's numbers, corporate profits are a lot stronger than they were last year at this time. >> tom: but, remember where we were a year ago. the second quarter of 2009 was a disaster, making for easy comparisons this year. that has investors scrutinizing the quality of earnings. and, as scott gurvey reports, so far that quality leaves a lot to be desired. >> reporter: earnings up 52%. companies beating estimates. margins at record levels. what more could an investor want? but there's trouble beneath

i'm tom hudson. have a great night. >> susie: take care, tom. i hope to see all of you again tomorrow night. nightly business report is made possible by.... >> there's a world of investment opportunities out there. spotting them takes ex-pers on the ground. assessing potential firsthand. templeton. a pioneer in global investing for over 50 years. gain from our perspective. >> and by exxon mobile. this program is is 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

tom. >> hudson: how about the tone set ahead of tomorrow? >> i think what they wanted was better capital and credit and those are putting the overhang on the financials for quite a while now. that being said, you didn't see the stock being traded, because you have the head winds that people are concerned about. but bottom line, it was a strong quarter >> hudson: and the individual cloud over goldman sachs cleared up late in the day. is the concern removed now with this s.e.c. settlement for goldman? >> well, a big cloud is removed from goldman. a lot of concerns when it meant for their rep -- about what it meant for their reputation. and this is a big lift off of a cloud off of goldman. stocks should be very strong. >> hudson: we'll look at that coming up in market focus. let's look at meantime at what investors should expect from this sector. earnings up 28% with top-line revenues up 9%. now, how could the numbers look as we look at guidance for the third and fourth quarter now that financial reform will be the law of the land? >> well, fin

. >> announcer: this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: >> announcer: investing takes perspective. it comes from navigating up and down markets for 60 years, spotting opportunities at home and abroad. global investing from franklin templeton investments, gain from our perspective. >> announcer: and by exxon-mobil. 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. sues gasusie gharib is on assignment. i'm joined by my colleague, suzanne pratt. we have two big stories. ben bernanke's economic outlook, and the president signing financial regulatory bill into law. >> suzanne: stocks tumbled as he warned congress. the economic outlook remains unusually uncertain. >> tom: that does not mean that the fed is changing its forecast. darren gersh picks up the story. >> reporter: no, ben bernanke is not expecting the economy to drop back into recession, but economists euphemisti

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 watching. the report card on european banks is out, and most of them passed the test. susie, 91 institutions went through the stress tests, and only seven failed. >> susie: that news boosted investor confidence, tom, and stocks on wall street rose across the board. investors were relieved that most european banks are in good financial shape. >> tom: but despite the passing grades, there are still questions tonight about the credibility and methodology of the tests. scott gurvey reports. >> reporter: the 91 banks tested by european regulators represent 65% of the total assets of the e.u. banking sector as a whole. the test required the banks to assume a severe economic downturn, and then measured to see if they could still meet capital requirements. regulators from 20 countries

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. wall street wrapped up a tumultuous week in the red, with most of the major averages closing the day down over 2.5%. tom, investors sold stocks on worries about the economic recovery, and discouraging quarterly reports and outlooks from general electric, citi and bank of america. >> tom: susie, today's losses erased the week's gains and all of the dow's 30 stocks were down. the dow fell 261 points, the nasdaq tumbled 70 and the s&p 500 lost 31. big board volume swelled to 1.5 billion shares. nasdaq volume settled well above two billion shares. >> susie: what troubled investors about today's quarterly results were not the top line numbers, that's revenues, not the bottom line earnings. bank of america, citi and g.e. all reported second quarter earnings above analyst estimates, bu

tom hanks are also invited to the saturday evening ceremony. it's going to be held at astor court, overlooking the sprawling hudson valley.bout the details. many of the wedding guests are said to be staying at the beekman arms, it has a long history of catering to celebrities and politicians. even george washington slept here. congratulations are everywhere, but anyone connected to the ceremony had to sign a confidentiality agreement. the clintons still won't even confirm it's happening. >> they leaked a bunch of secret documents on the internet about the afghanistan war. did you hear about that? don't worry. the plan for chelsea clinton's wedding are still top secret. >> reporter: discretion is part of rhinebeck's appeal, a hidden playground to presidents and the mega wealthy. >> we're proud to have them coming here and having their wedding, but we're not that impressed. >> reporter: no? for some it's just another milestone in this town's long history. cbs news, rhinebeck, new york. >>> listen to this -- a garage sale bargain hunter got himself a deal, quite a deal, when he stumbled upon the work of iconic photographer a

the town supervisor and the publisher of "the hudson valley news," and celebrity wedding planner, good morning to all of you. >> good morning. >> tomce activity -- >> it's definitely happening. i would imagine at this point in time when you've got faa enforcing a no-fly zone over the area, that pretty much is a dead giveaway right now. caroline, "the hudson valley news," among the first to break the story. >> we broke it almost a month ago. >> almost a month ago. >> for the first week or two everyone thought we were kind of insane but, you know, it was a very well-kept secret. they booked everything in town four or five months ago and it was only three or four weeks ago where it all kind of came together and, you know, i think -- >> the ruse is out. >> yeah. confidentiality agreements, i don't think half of them knew it was for the clinton wedding until they read about it in the paper. >> collin, you've been involved in planning celebrity weddings. how difficult is it when you've got former presidents, the secretary of state, a presidential daughter, hosting a wedding? >> it's very difficult to keep it quiet. nobody knows who they'