Weekly Market Wrap: 9/3/10
Friday, September 3, 5:09 PM ET

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Hi. I’m KRISTIN BIANCO. Welcome to the “Weekly Market Wrap” for Friday, September 3, 2010.

U.S. equities got a lift this week on better than expected economic news.

Crude oil futures are flat for the week amid volatility, trading around $74 a barrel on Friday afternoon.

Gold futures drifted higher this week, selling for $1,241 an ounce mid-day on Friday.

On the economic front, the Commerce Department says consumer spending rose 0.4 percent in July, the fastest rate in four months. Personal incomes were up 0.2 percent in July, lower than expectations of 0.3 percent.

The Case Schiller home price index for June was released on Tuesday showing housing prices were higher by 1 percent in the 10-city index.

Also on Tuesday, the Consumer Confidence index was released, beating expectations by coming in at 53.5 for August, up from 50.4 for July. The consensus for the August index was a 51.3 level.

On Wednesday, the ISM manufacturing index for August showed surprising strength, rising to 56.3. Forecasters expected a 53.3 index level in August. Any number above 50 indicates manufacturing activity is expanding.

On Friday, the employment report for July posted a decline of 54,000 jobs. Total payrolls were expected to fall by 90,000 workers following on a drop of 131,000 in July. The unemployment rate edged higher from 9.5 percent to 9.6 percent.

On Thursday, Burger King (BKC) share prices surged for the second day in a row as the fast food chain agreed to be taken private by 3G Capital for $4 billion. Burger King shareholders will receive $24 in cash per share, a 46 percent premium to Burger King's closing price on Tuesday prior to rumors of the buyout.

On the earnings front, discount retailer Dollar General (DG) posted second quarter profits on Tuesday of 41 cents per share, against a consensus estimate of 38 cents.

Deepwater oil driller Seadrill Limited (NYSE:SDRL) also reported earnings results on Tuesday of 77 cents per share, beating analyst estimates of 66 cents.

Mining supplier Joy Global (JOYG) posted earnings on Wednesday of $1.13 per share against forecasts of $1.02.

Also on Wednesday, Heinz (NYSE:HNZ) post profits of 76 cents per share. Analysts were expecting 73 cents.

And on Friday morning, Campbell Soup (NYSE:CPB) posted 33 cents per share in earnings compared with forecasts of 30 cents per share, enhanced by cost cuts and sales of V8 juice drinks.

This is the “Weekly Market Wrap” for Friday, September 3. Please join us on Tuesday for the “Week Ahead Market Report.”