REPORT AIR DATE: Dec. 3, 2010

News Wrap: Wall Street Not Intimidated by Job Numbers, Big Trade Deal Struck

SUMMARY

In other news Friday, the Dow Jones industrial average shook off disappointing jobs numbers and gained more than 19 points. The NASDAQ rose 12 points, with both indices closing the week up more than 2 percent. Also, an announcement came that the U.S. and South Korea have made the largest trade deal in more than a decade.

News Wrap: Wall Street Not Intimidated by Job Numbers, Big Trade Deal Struck

[ DUE TO RIGHTS RESTRICTIONS, VIDEO IS NO LONGER AVAILABLE ]

KWAME HOLMAN: Wall Street managed to shake off the jobs report and keep its rally going. The Dow Jones industrial average gained more than 19 points to close at 11382. The Nasdaq rose 12 points to close at 2591. For the week, both the Dow and the Nasdaq gained more than 2 percent.

The U.S. and South Korea have reached agreement on the largest trade deal in more than a decade. The announcement today said the U.S. will lift a tariff on Korean autos over five years. In turn, South Korea will allow imports of thousands of American-made cars. The South Koreans also agreed to lift a heavy tariff on U.S. beef.

WikiLeaks struggled to stay online today. A U.S. firm that routes online traffic to servers cut off access to the whistle-blowing website. It blamed cyber-attacks after WikiLeaks released U.S. diplomatic documents. The website then switched to a Swiss domain name, with servers in France. But the French government said it would try to shut off that service as well.

The U.S. Army has opened a criminal investigation into mishandled burials at Arlington National Cemetery. That's after eight sets of cremated remains were found in a single grave with a headstone marked "unknown." A report earlier this year found more than 200 graves had been mismarked.

Those are some of the day's major stories.

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