Weekly Market Wrap: 3/19/2010 Friday, March 19, 5:03 PM ET
U.S. markets edged higher this week despite a down Friday. February’s producer prices surprise observers as inflation looks like it will remain tame.
Hi. I’m SAYOKO MURASE. Welcome to the “Weekly Market Wrap” for Friday, March 19, 2009.
Major U.S. markets closed higher for the week. The S&P 500 closed up and the Nasdaq Composite Index ended the week slightly higher. The Dow Industrials also
advanced for the week.
Gold prices edged higher this week, trading around the $1,107 to $1,108 an ounce level late on Friday.
Crude oil was up slightly for the week. April crude futures were trading just over $80 a barrel on Friday afternoon.
On the economic front, we learned on Tuesday that housing starts dipped in February at an annual rate of 575,000, down from 591,000 in January. Economists
were expecting a 565,000 rate.
On Wednesday, the Producer Price Index for February was released with a surprising month over month reading of minus 0.6 percent. Economists expected the PPI
to have declined by only 0.1 percent for February.
On Thursday, the Consumer Price Index was flat, showing no gain or loss. Economists had expected the CPI to have risen 0.1 percent in February, compared to a
0.2 percent increase in January.
Jobless claims came in at 457,000 new claims for the week of March 13th. The report was roughly in-line with economist’s expectations of 455,000.
Rio Tinto (RTP) and Chinalco (NYSE:
ACH) signed a deal on Friday to develop a huge iron ore project in Guinea as a joint venture. Under the terms, Chinalco will
take a 47 percent interest in the joint venture in return for a $1.35 billion payment to Rio Tinto. Rio Tinto currently owns 95 percent of the project.
On the earnings front this week, Nike (NYSE:
NKE) reported profits on Tuesday of 93 cents per share, beating street expectations of 88 cents.
GME) reported earnings on Wednesday of $1.29 per share, beating consensus estimates of $1.28.
On Thursday, FedEx (NYSE:
FDX) released earnings of 76 cents per share for the fourth quarter. Analysts were expecting 72 cents.
PALM) missed big on Thursday with a loss of 61 cents per share, 19 cents lower than expectations of a 42 cent loss.
Ross Stores (NASDAQ:
ROST) reported earnings per share of $1.16 on Thursday, in-line with Wall Street expectations.
Eldorado Gold (NYSE:
EGO) missed consensus estimates on Friday with 8 cents per share in profits on expectations of 10 cents.
This is the “Weekly Market Wrap” for Friday, March 19. Please join us on Monday for the “Week Ahead Mark/kiet Report.”
For MarketNewsVideo.com, I'm SAYOKO MURASE.
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Weekly Market Wrap: 3/19/2010
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