This thirty first trading week of 2012 comes to a close with investors reacting positively to the latest jobs number as the calendar turns to August.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday August 3, 2012.
The Dow Jones Industrial Average, the Nasdaq, and the S&P 500 edged higher for the week.
Crude oil futures are higher this week, trading around $91.45 per barrel on Friday afternoon.
Gold futures are lower this week, trading at $1604.89 an ounce in afternoon trading.
In notable economic news this week, the U.S. economy created more jobs than expected with 163,000 new positions added in July, though the unemployment rate rose to 8.3 percent.
In corporate news this week, UBS (NYSE:UBS) announced that profits in the second quarter fell by 58 percent to 425 million francs, or $434.16 million, mostly due to losses incurred in the Facebook (NASDAQ:FB) IPO, as well as a decline in investment banking business. A year ago, the company earned 1.02 billion francs, or $1.2 billion. Analysts had expected a profit of 1 billion francs.
Dollar Thrifty Automotive Group (DTG) announced that net income in the second quarter increased by 16 percent, mainly due to lower costs. The company earned $49.4 million, or $1.69 per share, versus $42.5 million, or $1.36 per share in the same period last year. Revenue increased to $395.4 million from $395.1 million.
Tesoro (NYSE:TSO) announced a 78 percent increase in profit during the second quarter, mainly due to increased margins in its west cost refining business. Earnings were $387 million, or $2.75 per share, versus $218 million, or $1.52 per share during the same quarter in 2011. Analysts expected earnings of $2.30 per share.
Toyota (NYSE:TM) announced that profit in the April to June quarter were 290.3 billion yen, or $3.7 billion. Sales increased by 60 percent to 5.5 trillion yen, or $70.5 billion. Quarterly vehicle sales were nearly double to 2.3 million vehicles, as sales rose globally.
This is the 'Weekly Market Wrap' for Friday August 3, 2012. Please join us on Monday for the 'Week Ahead Market Report."
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