Stocks dive lower on Friday as the euro hits a four-year low against the dollar. BP caps the leaking oil well.
Hi. I’m SAYOKO MURASE. Welcome to the “Weekly Market Wrap” for Friday, June 4, 2010.
Major U.S. markets closed lower] for the week. The S&P 500 closed down and the Nasdaq Composite Index edged lower for the week. The Dow Industrials dropped .
Crude oil prices were lower for the week on economic weakness. Oil was trading around $71.22 a barrel on Friday afternoon.
Gold ended higher for the week The price of gold was trading at $1218.02 an ounce on Friday afternoon.
Against the dollar, the euro traded below $1.20, the lowest level in four years on Friday. The euro was under downward pressure in the wee hours of the morning on remarks by a spokesman for Hungary’s Prime Minister that the economic situation in Hungary was "grave" and fears of a default were "no exaggeration." Weak U.S. jobs data reported in the morning added another hit to the euro on Friday morning.
On Friday, after shearing away a broken pipe, BP (BP) lowered a cap on the leaking oil well in the Gulf of Mexico. The company said it will take time to see how successful the cap will be.
On the economic front, the Institute for Supply Management or ISM announced Tuesday that its manufacturing index dipped to 59.7 in May from 60.4 in April. A level above 50 indicates expansion.
On Wednesday, pending home sales data for April surged to come in at 110.9, beating the consensus estimate of 102.9. Economists believe it was due to an expiring housing credit in April.
The ISM reported on Thursday that services industries in the U.S. were growing for the fifth straight month in May. The ISM non-manufacturing index was 55.4 in May. The consensus estimate was for a 55.9 level.
On Friday, total non-farm payrolls grew by 431,000 in May as the 2010 Census added 411,000 temporary employees, according to updated data today by the Department of Labor Bureau of Labor Statistics.
Despite tepid growth in private sector hiring, the unemployment rate declined to 9.7 percent in May, down from 9.8 percent in April. However, the decline was largely due to discouraged job seekers.
On the earnings front, the Bank of Nova Scotia (NYSE:BNS) posted record second quarter earnings on Tuesday of 99 cents per share. The consensus estimate was 90 cents.
Jo-Ann Stores (JAS) reported 66 cents a share in earnings on Wednesday. Analysts were expecting first quarter profits of 44 cents per share.
Joseph Bank (JOSB) posted 82 cents a share in profits on Thursday. Wall Street was expecting 71 cents.
Also on Thursday, Joy Global (JOYG) posted earnings per share of $1.15, beating analyst estimates of 76 cents.
This is the “Weekly Market Wrap” for Friday, June 4. Please join us on Tuesday for the “Week Ahead Market Report.”
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.
X
Wait! Don't leave yet.
Want to receive our latest research absolutely free?
⤹
Click the button below for your complimentary copy of Your Early Retirement Portfolio: Dividends Up to 8.7%—Every Month—Forever.
You'll discover the details on 4 stocks and funds that pay you massive dividends as high as 8.7%.