This twenty seventh trading week of 2013 comes to a close with investors digesting the latest jobs report from the Labor Department.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for July 5, 2013.
The S&P 500 and Nasdaq are higher for the week, while the Dow Jones Industrial Average is trading flat.
Crude oil futures are higher this week, trading around $103 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1,215 an ounce in afternoon trading.
In notable economic news this week, the U.S. Bureau of Labor Statistics announced that total nonfarm payroll employment increased by 195,000 in June. The number of unemployed persons came in at 11.8 million, and the unemployment rate stayed at 7.6%, unchanged in June.
In corporate news, Chesapeake Energy (NYSE:CHK) announced it would sell various Eagle Ford and Haynesville shale assets to Exco Resource (NYSE:XCO) for about $1 billion. Chesapeake Energy has announced previously that it plans to pay down its debt through asset sales and the deal with Exco Resources will help close the $3.5 billion funding gap the company this year.
Citigroup (NYSE:C) announced it would pay $968 million to Fannie Mae to officially close the door on any future repurchase claims related to almost all mortgages originated between 2000 and 2012. The agreement does not cover a small subset of loans sold with performance guaranties or related special credit enhancement programs -- which amounts to an additional 12,000 mortgages originated over the same time period.
This is the 'Weekly Market Wrap' for Friday July 5, 2013. Please join us on Monday for the Week Ahead Market Report.
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