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Cyberattack on oil pipeline could lead to gas shortages, price spikes: The headlines and your money

Plus, ethereum's value rises as investors look for alternatives to bitcoin.

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Fuel tanks are seen at Colonial Pipeline Baltimore Delivery in Baltimore, Maryland on May 10, 2021.
Jim Watson | AFP | Getty Images

The Dow and S&P set records, and an oil pipeline remains closed after a cyberattack. Plus, travelers eye beach getaways for summer. Here's how the headlines could affect your money.

Dow, S&P close at new record highs

All three major indexes were up Friday despite an unexpectedly weak jobs report, with the Dow and the S&P closing at record highs. The Dow and S&P gained 2.7% and 1.2% for the week, respectively, while the Nasdaq fell 1.5%.

Markets were mixed Monday morning.

Cyberattack shuts down major oil pipeline

Colonial Pipeline, the operator of the country's largest fuel pipeline, fell victim to a cybersecurity attack Friday that forced it to temporarily shut down all operations.

While some smaller lateral lines between terminals and delivery points are once again online, the main lines are still shut down, Colonial Pipeline said Sunday. The U.S. declared a state of emergency in 17 states and the District of Columbia in an attempt to maintain fuel supplies along the Eastern Seaboard. 

Petroleum storage facilities usually have a few days of stored fuel as a backup, but a prolonged pipeline outage could lead to gas shortages and a spike in fuel prices, experts say.

Plan your beach vacation ASAP

More than half of Americans want to visit a beach for summer vacation, according to a recent survey by Travelzoo. Searches for Key West and Sarasota were up more than 200% from 2019 on travel app Hopper.

Pent-up travel demand will likely send prices soaring for summer travel this year, so be sure to comparison-shop airfare and book your flights early to make sure you don't overspend.

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Words you've heard: ethereum

Ethereum, the world's second-largest cryptocurrency, surged past $4,000 Monday, reaching an all-time high. Ether coins started 2021 at around $768 apiece, up more than 400% on the year, and they've since seen big gains as more investors look for alternatives to bitcoin. Ethereum rose 40% in value in April, while bitcoin dropped more than 2%.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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