This thirty sixth trading week of 2013 comes to a close investors sending the markets higher following weaker-than-expected labor news. Investors are betting that the slower recovery in the labor market leads to the Fed's quantitative easing programs continuing longer.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for September 6, 2013.
The Dow Jones Industrial Average, Nasdaq and the S&P 500 are all higher for the week.
Crude oil futures are also higher this week, trading around $110 per barrel on Friday afternoon.
And Gold futures are lower this week, trading around $1,387 an ounce in Friday afternoon trading.
In notable economic news this week, the Labor Department reported that US employers added 169,000 new jobs in the month of August and that the unemployment rate fell to 7.3%. The report noted that the unemployment rate has fallen because the number of Americans who have stopped looking for work has increased, driving down the overall unemployment rate.
In corporate news, Walgreen (NYSE:WAG) reported sales in August increased by 4.8% at stores open at least one year, easily topping estimates of just 2.9%. When broken down between pharmacy sales and front-end sales, the company saw a 6.4% gain from the pharmacy and a 2.2% gain from the front-end.
Dollar General Corporation (NYSE:DG) reported that second quarter same-store sales increased 5.1% and total sales increased 11.3%. Second quarter adjusted EPS came in at $0.77 beating estimates.
Navistar International (NYSE:NAV) announced a third quarter 2013 net loss of $247 million, or $3.06 per diluted share, compared to third quarter 2012 net income of $84 million, or $1.22 per diluted share.
And Newcastle Investment (NYSE:NCT) announced that it has acquired Dow Jones Local Media Group from News Corp (NASDAQ:NWSA) for $87 million. The Local Media Group operates 33 local publications, including 8 daily and 15 weekly newspapers, in 7 states.
This is the 'Weekly Market Wrap' for Friday September 6, 2013. Please join us on Monday for the Week Ahead Market Report.
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