This thirty third trading week of 2013 comes to a close with stock headed lower again. Investors remain concerned that the upcoming FOMC meeting could result in a reduction in the Federal Reserve's quantitative easing efforts.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for August 16, 2013.
The Dow Jones Industrial Average, Nasdaq and the S&P 500 are all lower again this week.
Crude oil futures are higher this week, trading around $107 per barrel on Friday afternoon.
Gold futures are also higher this week, trading around $1,367 an ounce in afternoon trading.
In notable economic news this week, the Labor Department reported initial jobless claims fell by 15,000 to a seasonably adjusted rate of 320,000 claims. The less volatile four week moving average fell to a five and a half year low of 332,000 claims. While layoffs have slowed in 2013, hiring has not been as quick, resulting in an unemployment rate of 7.4%.
In corporate news, Wal-Mart (NYSE:WMT) reported second quarter earnings climbed to $4.07 billion, or $1.24 per share, narrowly missing Wall Street estimates by a penny. In the report. Wal-Mart reduced its sales forecast to growth of just two to three percent for the full year and also decreased its guidance to the range of $5.10 to $5.30.
Macy's (NYSE:M) reported second quarter earnings of $281 million, or 72 cents per share, as revenue fell to $6.07 billion. The retailer fell short of Wall Street estimates for both sales and earnings, causing the stock to drop this week.
And J.C. Penney (NYSE:JCP) announced today that activist investor Bill Ackman is resigning from the board of directors after the very public dispute between the hedge fund executive and the company reached a head last week. Ackman called for both the interim CEO and the Chairman of the Board to be replaced so that new management could guide the turnaround efforts of the struggling department store chain.
This is the 'Weekly Market Wrap' for Friday August 16, 2013. Please join us on Monday for the Week Ahead Market Report.
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