This thirty eighth trading week of 2013 comes to a close with equities trading higher following the news earlier in the week that the Federal Reserve would maintain its bond buying program at the current $85 billion per month levels.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for September 20, 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 $105 per barrel on Friday afternoon.
And Gold futures are higher this week, trading around $1,334 an ounce in Friday afternoon trading.
In notable economic news this week, the Labor Department reported consumer prices rose just 0.1% in August, indicating inflation in the US has remained in check. Excluding volatile items like food and energy, prices also rose just 0.1% last month. Over the past twelve months, inflation has been relatively tame, climbing just 1.5% and staying below the Federal Reserves 2% target rate.
In corporate news, Microsoft (NASDAQ:MSFT) announced it would increase its quarterly dividend from 23 cents per share up to 28 cents per share, a 22% increase quarter over quarter. In the announcement, the company also announced its board of directors approved a new $40 billion share repurchase program to replace the current program that is set to expire at the end of September.
JP Morgan (NYSE:JPM) announced that it has reached a settlement with US and British regulators over the $6 billion trading loss attributed to the "London Whale". The company will pay $920 million in fines and penalties to settle the matter in both the US and the UK.
FedEx (NYSE:FDX) reported fiscal first quarter earnings of $489 million, or $1.53 per share, as revenue climbed by 2% to just over $11 billion. The company topped Wall Street estimates for both the top and bottom line, pushing shares higher this week.
General Mills (NYSE:GIS) reported fiscal first quarter earnings of $459.3 million, or 70 cents per share, as revenue rose by 8% to $4.37 billion. Earnings in the quarter were in line with Wall Street estimates, while revenue narrowly topped the consensus.
This is the 'Weekly Market Wrap' for Friday September 20, 2013. Please join us on Monday for the Week Ahead Market Report.
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