This fifty first trading week of 2011 comes to a close with investors breathing a sigh of relief following the extension of the payroll tax cuts by Congress.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday December 23, 2011.
Santa brought some cheer to the markets this week with the S&P 500, the Dow Jones Industrial Average, and the Nasdaq all higher for for the week.
Crude oil futures are higher this week, trading around $99.81 per barrel on Friday afternoon.
Gold futures are lower for the week in afternoon trading, to around $1605.80 an ounce.
In notable economic news this week, The Commerce Department said orders to U.S. factories for durable goods rose 3.8 percent in November, the biggest gain since July. However, core capital goods order dropped for a second straight month, falling 1.2 percent.
In corporate news this week, AT&T (NYSE:T) shares fell on Tuesday on news that the company has ditched its bid to acquire Deutsche Telekom's T-Mobile USA.
Credit Suisse (NYSE:CS) agreed to acquire the Japanese private banking business of HSBC Holdings (NYSE:HBC). The firms did not disclose a purchase price for the transaction, which is expected to close by the middle of 2012.
Rambus (NASDAQ:RMBS) said late it has signed a patent license agreement with Broadcom (NASDAQ:BRCM). The agreement covers the use of Rambus patented innovations in a broad range of integrated circuit products offered by Broadcom.
This is the 'Weekly Market Wrap' for Friday December 23. Please join us on Tuesday for the 'Week Ahead Market Report,' and in the meantime, enjoy the extended holiday weekend.
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