This forty eighth trading week of 2011 comes to a close with investors pouring money back into the markets as the U.S. jobless rate unexpectedly dropped and speculation grows that the IMF will play a larger role in fighting Europe's ongoing debt crisis.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday December 2, 2011.
The S&P 500, the Dow Jones Industrial Average, and the Nasdaq are all sharply higher for for the week.
Crude oil futures are higher this week, trading around $100.48 per barrel on Friday afternoon.
Gold futures are lower for the week in afternoon trading, to around $1748.90 an ounce.
In notable economic news this week, the U.S. unemployment rate dropped to a 2-1/2 year low in November. Nonfarm payrolls increased by 120,000 jobs last month, and the jobless rate fell to 8.6 percent, the lowest since March 2009.
In corporate news this week, social networking site Facebook is reportedly mulling filing for an initial public offering by the end of the year. According to several media reports, Facebook would be looking to raise about $10 billion, in an IPO that would value the company at more than $100 billion. Both The Wall Street Journal and Bloomberg News report that the company could file for the IPO by the end of the year.
Men's retailer Jos. A. Bank (NASDAQ:JOSB) reported fiscal third quarter earnings today that rose 19%. Profits grew to $15 million, or $0.54 per share, from $12.6 million, or $0.45 per share, in last year's third quarter. Sales rose 21%, to $209.6 million, on a 14.6% increase in same-store sales. Results beat analyst expectations. However, the company said its fourth quarter has been weaker than expected so far. Same-store sales fell in November, said president and CEO R. Neal Black, leading the company to adjust its December merchandising and marketing plans. Black said the company is cautiously optimistic for the outcome of the fourth quarter.
Watson Pharmaceuticals (WPI) has launched an authorized generic version of Pfizer's (NYSE:PFE) cholesterol drug Lipitor. Watson said it has begun shipping the product today. The authorized generic will be manufactured by Pfizer and supplied to Watson in all dosage strengths. Watson will market and distribute the product in the U.S., and Pfizer will receive a share of the net sales. The agreement runs through November 2016. In the year ending September 30, 2011, Lipitor had $7.8 million in sales, Watson noted.
This is the 'Weekly Market Wrap' for Friday December 2. Please join us on Monday for the 'Week Ahead Market Report.'
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