This twentieth trading week of 2012 comes to a close with investors assessing the deteriorating situation in Greece and closely monitoring the IPO of Facebook (FB).

Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for Friday May 18, 2012.

The S&P 500, the Dow Jones Industrial Average, and the Nasdaq were all sharply lower for the week.

Crude oil futures are lower this week, falling 4.3% to around $91.66 per barrel.

Gold futures are higher this week, trading at $1589.95 an ounce in afternoon trading.

In notable economic news this week, initial claims for state unemployment benefits held steady at a seasonally adjusted 370,000 according to the Labor Department. Last week's figure was revised upwards to 370,000 from the previously reported 367,000. Analysts expected claims to drop to 365,000 last week.

In corporate news this week, Saks (SKS) announced that it earned $32.1 million, or 18 cents per share, versus $28.4 million, or 16 cents per share, in the same period last year. Revenue increased by 3.8 percent to $753.6 million, below expectations of $761.7 million.

Dick's Sporting Goods (DKS) announced that first quarter net income increased by 53 percent to $57.2 million, or 45 cents per share, versus $37.5 million, or 30 cents per share, in the same period last year. Revenue increased by 15 percent to $1.28 billion, beating estimates of $1.23 billion.

Chico's (CHS) announced that it earned $53.6 million, or 32 cents per share in its most recent fiscal quarter, versus $45.9 million, or 26 cents per share, in the same period last year, beating analyst estimates of 30 cents per share. Revenue increased by 21 percent to $650.8 million, beating estimates of $628.1 million. The company's revenue was $537.2 million in the same period last year.

Target (TGT) announced that it earned $697 million, or $1.04 per share, versus $689 million, or 99 cents per share, in the same period last year. Revenue increased by 5.9 percent to $16.86 billion. Analysts had expected earnings of $1.02 per share on revenue of $16.83 billion.

This is the 'Weekly Market Wrap' for Friday May 18, 2012. Please join us on Monday for the 'Week Ahead Market Report."