US jobless claims drop 12,000; Facebook files its IPO

Published On: February 2, 2012 | Duration: 22 min, 11 sec

In fresh signs that the economy is healing, US jobless claims dropped 12,000 to a seasonally adjusted 367,000. However, Fed Chief Ben Bernanke urged the Congress to put U.S. fiscal house in order and warned of the risk of a sudden fiscal crisis unless action is taken. In the stock markets, Facebook filed its IPO papers while CEO Mark Zuckerberg will exercise near complete control with 56.9 per cent of the voting shares. In Europe, Spain's jobless claims shot up 4 per cent in January while China is considering increasing its participation in the European rescue funds.