Weekly Market Wrap: July 12, 2013
Friday, July 12, 4:09 PM ET

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Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for July 12, 2013.

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq are higher for the week.

Crude oil futures are higher this week, trading around $106 per barrel on Friday afternoon.

Gold futures are sharply higher this week, trading around $1,280 an ounce in afternoon trading.

In notable economic news this week, the Labor Department reported initial jobless claims rose by 16,000 last week to a seasonally-adjusted 360,000 claims. The report noted that the month of July typically shows a spike in unemployment benefits as schools close for the summer and auto manufactures often close factories to retool for newer models.

In corporate news, Wells Fargo (NYSE:WFC) reported second quarter earnings climbed to $5.27 billion, or 98 cents per share, topping Wall Street estimates. Revenue also beat estimates, coming in at $21.3 billion -- a slight increase from the same period last year.

JP Morgan (NYSE:JPM) saw earnings climb to $6.1 billion, or $1.60 per share, topping consensus estimates. In the quarter, the bank saw revenue grow to $25.2 billion, again, topping estimates.

Family Dollar Stores (FDO) reported quarterly earnings of $120.9 million, or $1.05 per share, topping Wall Street estimates but falling year-over-year. The discount retailer saw sales rise by 9% to $2.57 billion in the quarter ending June 1st, but just a 2.9% increase to same store sales.

Kroger (NYSE:KR) announced it had agreed to acquire rival Harris Teeter (HTSI) in a $2.44 billion, all-cash deal. Shareholders of Harris Teeter will receive $49.38 per share in the buyout, a slim 2% premium over Monday's closing value.

This is the 'Weekly Market Wrap' for Friday July 12, 2013. Please join us on Monday for the Week Ahead Market Report.

For MarketNewsVideo.com, I'm Sayoko Murase.