Money Watch Weekly Wrap

It was a strange week, starting with the arrest of Dominique Strauss-Kahn, the (now former) leader of the International Monetary Fund (IMF), which threw the European debt crisis into limbo. On the economic front, the housing market continues to be weak, despite mortgage rates dropping to 2011 lows.

Amid these disturbing headlines, shares in professional-networking site LinkedIn (LNKD) more than doubled on the company's first day of trading. Although the range of the IPO had been $42- $45 a share, the stock opened at $83 dollars; spiked as high as $122 intra-day; and ultimately closed at $94.25, up over 109 percent. With 94.5 million shares outstanding, at the end of the first day of trading, the company's market capitalization was nearly $9 billion.

Not a LinkedIn stock owner from way back? Well, at least gas prices dropped a dime over the past week!

• DJIA: 12,512, down 0.6% on week, up 8% YTD (3^rd week of losses)
• S&P 500: 1333, down 0.3% on week, up 6% YTD
• NASDAQ: 2803, down 0.9% on week, up 5.7% YTD
• June Crude Oil: $99.49, down 0.1% on week
• June Gold: $1508.90, up 1% on week

Total bank failures for 2011 = 43 (3 new bank failures over weekend)

FACTOIDS OF THE WEEK: State Unemployment Version The Bureau of Labor Statistics released state unemployment rates for April. 39 states saw rates a drop, 3 states and the District of Columbia were up and 8 states had no rate change. National Journal notes that media coverage (LA Times, NY Times, USA Today, Wall Street Journal and the Washington Post) of unemployment peaked in August 2010.

• US = 9%
• Nevada = 12.5% (down 0.7% in month)
• California = 11.9%
• RI = 10.9%
• FL = 10.8%
• New Hampshire = 4.9%
• South Dakota = 4.9%
• Nebraska = 4.2%
• North Dakota = 3.3%

Mon 5/23:
Campbell's Soup

Tues 5/24:
10:00 New Home Sales

Weds 5/25:
Costco, Ralph Lauren
8:30 Durable Goods Orders

FHFA Home Price Index

Thurs 5/26:
Sony, Heinz, Tiffany
8:30 Weekly Claims

8:30 GDP - 2^nd estimate of Q1 growth (expected to rise to 2.2% from 1.8%)

8:30 Corporate Profits

Annual meeting of Group of Eight in Deauville, France, with the focus on debt-the European and US varieties

Fri 5/27:
8:30 Personal Income and Spending

9:55 Consumer Sentiment

10:00 Pending Home Sales

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated business analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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