Weekly Market Wrap: May 24, 2013 Friday, May 24, 4:16 PM ET
This twenty first trading week of 2013 comes to a close with stocks falling on concerns the Federal Reserve could reduce or end its bond-buying program.
Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for May 24, 2013.
The S&P 500, the Nasdaq and the Dow Jones Industrial Average were all lower for the week.
Crude oil futures are lower this week, trading around $94.10 per barrel on Friday afternoon.
Gold futures are higher this week, trading at $1,388 an ounce in afternoon trading.
In notable economic news this week, the Labor Department reported initial jobless claims fell by 23,000 claims to 340,000 last week, almost completely erasing the jump seen the prior week.
In corporate news, Lowe's (NYSE:LOW) reported first quarter earnings climbed to $540 million, or 49 cents per share, on sales of $13.09 billion. The home improvement retailer miss consensus estimates on both the top and bottom line, citing weather issues in the three months ending May 3rd for the miss.
Best Buy (NYSE:BBY) reported a first quarter loss of $81 million, or 24 cents per share, as restructuring costs weighed on results. Excluding certain one-time items, the company earned 32 cents per share, beating consensus estimates.
Target (NYSE:TGT) reported first quarter earnings of $498 million, or 77 cents per share, as sales climbed just 1% to $16.71 billion. The retailer missed Wall Street estimates on both the top and bottom line, citing cooler than usual weather and more conservative spending from consumers.
Home Depot (NYSE:HD) reported first quarter earnings of $1.23 billion, or 83 cents per share, as revenue climbed by 9% to $19.12 billion. Despite less than favorable weather conditions in the quarter ending May 5th, the home improvement company continues to benefit from the ongoing housing recovery.
This is the 'Weekly Market Wrap' for Friday May 24, 2013. Please join us on Monday for the Week Ahead Market Report.
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