Weekly Market Wrap: January 25, 2013
Friday, January 25, 4:28 PM ET

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Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for January 25, 2013.

The Dow Jones Industrial Average and the S&P 500 were higher for the week in afternoon trading, while the Nasdaq was about even.

Crude oil futures are higher this week, trading around $95.79 per barrel on Friday afternoon.

Gold futures are slightly lower this week, trading at $1661.34 an ounce in afternoon trading.

In notable economic news this week, the number of Americans filing for unemployment fell to multi-year lows last week. Initial jobless claims dropped 5,000 to a seasonally-adjusted 300,000 for the week ended January 19th, well below estimates of 360,000. That is the lowest level since January 2008. The four-week moving average dropped 8,250 to 351,750, representing the the lowest level since March 2008.

In corporate news this week, Verizon (NYSE:VZ) announced that it lost $4.24 billion, or $1.48 per share, versus $2.02 billion, or 71 cents per share, in the same period last year. The loss included a $1.86 per share charge related to employee benefits and restructuring activities. Revenue increased by 5.7% to $30.05 billion. Analysts had forecast earnings of 50 cents per share on revenue of $29.83 billion.

Delta Air Lines (NYSE:DAL) announced that it earned $7 million, or 1 cent per share, versus $425 million, or 51 cents per share in the same period last year. Revenue increased by two percent to $8.6 billion. Both earnings and revenue were slightly better than estimates. Earnings were heavily impacted by Hurricane Sandy, which hurt revenue by $75 million, and delayed the re-opening of the company's new oil refinery, causing a $63 million loss.

Google (NASDAQ:GOOG) announced that it earned $2.9 billion, or $8.62 per share, during the fourth quarter, versus $2.7 billion, or $8.22 per share, during the same quarter last year year. Revenue increased by 36 percent to $14.4 billion.

DuPont (NYSE:DD) announced that net income dropped to $111 million, or 12 cents per share, for the last quarter of 2012, down 70 percent from $373 million or 40 cents per share, for the fourth quarter last year. Revenue was flat at $7.3 billion, with negative currency effects and portfolio changes offsetting a 3 percent increase in global volume. Analysts had expected earnings of 7 cents per share on revenue of $7.2 billion.

Freeport-McMoRan Copper and Gold (NYSE:FCX) announced that it earned $743 million, or 78 cents a share, up from $640 million, or 67 cents, in the same period last year. Revenue increased by 8.4 percent to $4.51 billion. The company attributed the strong earnings to better copper sales and lower costs.

This is the 'Weekly Market Wrap' for Friday January 25, 2013. Please join us on Monday for the 'Week Ahead Market Report.