Money Minute: YouTube Stirs Controversy With Music Service

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YouTube's new streaming service riles some in the music business.

The rumors are true: Google's (GOOG) YouTube is launching a paid music streaming service. It has signed deals with hundreds of major and independent record labels but those who have opted not to sign contracts will have their music videos pulled from the site. And if you think they're artists you've never heard of, think again. They include Radiohead, Adele and the Arctic Monkeys. Like other paid streaming services, there will be no ads if you pay for the service. And you can listen to the entire album not just singles. It is launching at the end of the summer.

It sounds tiny but it could be huge. AT&T (T) and online education firm Udacity just unveiled what's called a "nanodegree." For $200 a month you can sign up for online programming courses tailored to AT&T's needs. After six to 12 months you get a nanodegree and a shot at an entry-level technical position at AT&T. The telecom has also reserved 100 internships for its graduates. Udacity is partnering up with other tech firms to create similar programs.

On Wall Street on Tuesday, the three major averages rose slightly for the third consecutive session. The Dow Jones industrial average (^DJI) gained 27 points, the Nasdaq composite (^IXIC) rose 16 and the Standard & Poor's 500 index (^GPSC) added 4 points.

If you're planning on taking a road trip this summer there may be a few states you'll want to bypass. In 14 states gas prices have hit 15-month highs, many of them in the Midwest. In Michigan, gas prices rose to an average $3.96 a gallon. That's a jump of 5 percent from a month earlier. Hawaii still has the nation's highest gas prices averaging $4.36 a gallon. Prices tend to rise in the summer when demand spikes and refineries switch to their more costly summer blends.

It seems hardly a day goes by where we don't mention Elon Musk. The CEO of Tesla Motors (TSLA) and SpaceX is one busy dude with big dreams. His vision apparently includes seeing humans on Mars in his lifetime. The inventor said in a CNBC interview that he hopes to see us on the red planet in the next 10 to 12 years. The goal, he said, is to establish a self-sustaining city on Mars that humans could live on. Now talk about a commute. It sounds pretty out-there but if he can visualize it, I wouldn't put it past him.

-Produced by Karina Huber.


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