Weekly Market Wrap: 7/16/10
Friday, July 16, 4:53 PM ET

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Hi. I’m SAYOKO MURASE. Welcome to the “Weekly Market Wrap” for Friday, July 16, 2010.

Equity markets closed lower for the week.

Crude oil futures were flat for the week, trading at $76 a barrel late on Friday afternoon.

Gold futures were lower on Friday, selling for $1,188 an ounce on late Friday afternoon.

On the economic front, retail sales came in at a disappointing 0.5 percent decline for June on top of the 1.2 percent decline in May. Analysts were expecting a smaller decline of 0.2 percent.

On Thursday, industrial production provided a positive surprise. Production rose 0.1 percent with economists expecting a 0.2 percent decline for June.

On Friday, the University of Michigan Consumer Sentiment index fell sharply to 66.5 for June after coming in at 76.0 in May. Analysts were expecting a 75.0 level.

BP (BP) traded higher on Thursday after news that the new well cap had stemmed the flow of oil flowing into the Gulf of Mexico. BP shares moved higher on the news.

The Securities and Exchange Commission announced on Thursday that Goldman Sachs (NYSE:GS) will pay $300 million in fines and $250 million in restitution, totaling $550 million to settle civil fraud charges. Goldman did not admit or deny wrongdoing in the suit, which alleged the firm misled investors.

It was a heavy week for earnings reports as aluminum maker Alcoa (AA) officially kicked off second quarter earnings season on Monday. Analysts were expecting the company to post 12 cents a share in profits. The company reported 13 cents per share in profit.

Also reporting on Monday, rail operator CSX Corporation (NYSE:CSX) beat estimates by posting $1.07 per share. The consensus expectation was 88 cents per share.

Semiconductor giant Intel (NASDAQ:INTC) beat the street by reporting profits of 51 cents per share on Tuesday. Analysts were expecting 43 cents.

Restaurant franchiser Yum! Brands (NYSE:YUM) reported earnings per share of 58 cents. The consensus forecast was 54 cents.

On Thursday, JP Morgan Chase (NYSE:JPM) reported $1.09 per share in earnings, beating analyst estimates of 82 cents.

Also on Thursday, Google (NASDAQ:GOOG) posted profits of $6.45 per share, with analysts expecting $6.51 for the second quarter.

Bank of America (NYSE:BAC) reported earnings on Friday of 27 cents per share against expectations of 22 cents. And Citigroup (NYSE:C) posted 9 cents per share, topping the consensus estimate of 6 cents.

This is the “Weekly Market Wrap” for Friday, July 16. Please join us on Monday for the “Week Ahead Market Report.”

For MarketNewsVideo.com, I'm SAYOKO MURASE.