This thirty seventh trading week of 2013 comes to a close investors sending the markets higher on news that the US may avoid being drawn into a military conflict with Syria and that a peaceful resolution could be found to disarm the nation of its chemical weapons.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for September 13, 2013.
The Dow Jones Industrial Average, Nasdaq and the S&P 500 are all higher for the week.
Crude oil futures are lower this week, trading around $108 per barrel on Friday afternoon.
And Gold futures are lower this week, trading around $1,309 an ounce in Friday afternoon trading.
In notable economic news this week, the Labor Department reported initial jobless claims fell by 31,000 to a seasonally adjusted rate of 292,000 claims, but noted that a computer upgrade last week prevented two states from processing applications. The spokesman for the Department made it clear that the sharp drop in initial claims should not be read as an indication of a change in the labor market conditions.
In corporate news, McDonald's (NYSE:MCD) reported that sales at locations open for more than a year grew by 1.9% globally in the month of August. Results in August were much stronger than the 0.7% increase seen in July, much of which can be attributed to the strong 3.3% gain in Europe.
The Dow Jones Industrial Average announced it would reshuffle its components with Hewlett-Packard (NYSE:HPQ), Bank of America (NYSE:BAC) and Alcoa (NYSE:AA) being removed from the index and Goldman Sachs (NYSE:GS), Visa (NYSE:V) and Nike (NYSE:NKE) being added.
Jefferies lowered its price target on shares of Apple (NASDAQ:AAPL) to $425 citing concerns that the iPhones introduced this week do not addresses the market for lower-priced smartphones in emerging markets. In the report, Jefferies notes that the company could fall short of its sales targets and this could create downward pressure on the stock.
This is the 'Weekly Market Wrap' for Friday September 13, 2013. Please join us on Monday for the Week Ahead Market Report.
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