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Friday Evening Business Brief

May 18, 2012, 7:39 PM

Friday Evening Business Brief

A losing week kept true to form through today's trading on Wall Street. By the closing bell, the Dow fell 73 points, or 0.6 percent, to 12,369. The S&P dropped nearly 10 points, while the Nasdaq lost 35 points.

  • Amid all of the hoopla, Facebook shares gained just 23 cents above its initial public offering price of $38.  That means that Facebook is worth about $105 billion, more than, McDonald's and Silicon Valley icons Hewlett-Packard and Cisco Systems.
  • The Labor Department says that unemployment rates fell in two-thirds of U.S. states last month, suggesting that modest economic growth is boosting hiring in most areas of the country. Unemployment rose in 5 states and was unchanged in eight.
  • Some parts of the nation may see gasoline prices fall to around $3.25 a gallon or less in the next week or two. Even West Coast drivers should get some relief from prices that are still above $4 a gallon. The latest national average is put at $3.71 a gallon.
  • General Motors says that it costs too much to advertise in the Super Bowl. The automaker's marketing chief says GM can't justify the expense because of a price increase for next year's event. Companies spent an average of $3.5 million for a 30-second commercial during this year's game.

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