Nov 06, 2009 (MarketNewsVideo.com via COMTEX News Network) --

The gold futures contract hit a record high on Friday on a weaker greenback, rising just above $1,100 an ounce. Unemployment surges to a 26-year high of 10.2 percent in October despite strong economic growth in the third quarter.

Hi. I'm SAYOKO MURASE. Welcome to the Weekly Market Wrap for Friday, November 6, 2009.

Major equity indexes were for the most part higher for the week despite being flat on Friday.

This week, the Dow Industrials ended HIGHER, and the S&P 500 Index was relatively flat. The Nasdaq Composite Index ADVANCED.

Crude-oil futures are DOWN for the week.

Gold surged on a weaker dollar to a new all-time high, hitting just over $1,100 an ounce on Friday. The yellow metal was trading at a low of $1,040 as recently as Monday. December gold futures were up for the week.

On the economic front, the Labor Department reported Friday the U.S. unemployment rate climbed to 10.2 percent in October, rising through the 10 percent mark for the first time in 26 years.

Nonfarm payrolls dropped by 190,000 in October, bringing the total number of jobs lost during the recession to 7.3 million. The jobs report shows a growing disconnect between economic growth and job losses. The economy grew at a fast-paced 3.2 percent annual rate in the third quarter.

Earlier in the week, it was reported U.S. manufacturing activity hit its highest level in three and one-half years. The ISM's manufacturing index climbed 3.1 points to 55.7, beating the 53.3 consensus forecast.

Pending home sales contracts surged unexpectedly in October, reducing fears the recovery would short circuit. Pending home sales rose for the eighth straight month, with National Realtor Association's index gaining 6.1 percent. It is the longest streak on record. The consensus forecast was 0.7 percent.

In third quarter earnings news, agriculture conglomerate Archer Daniels Midland (ADM) reported 77 cents per share in profits, beating consensus estimates of 56 cents.

San Jose, California-based technology company Cisco Systems (CSCO) posted an adjusted 36 cents per share earnings for the third quarter, beating the consensus of 31 cents.

It was a big week for the price of gold and another big week for gold miner earnings. Yamana Gold (AUY) reported 12 cents profit per share, missing consensus estimates by a penny.

Kinross Gold (KGC) also reported a miss for the third quarter, reporting earnings per share of zero cents. Analysts were forecasting 12 cents per share in profits.

Industry darling Goldcorp (GG) doubled profits from the same quarter last year. The company reported 19 cents earnings per share, beating the Street by 3 cents.

IAMGOLD (IAG) earnings came in strong as well at 18 cents per share, beating analyst estimates by 8 cents.

 Continued...