This forty-third trading week of 2013 comes to a close with the US markets trading higher following encouraging earnings growth from a number of different sectors.
Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for October 25, 2013.
The Dow Jones Industrial Average, S&P 500 and Nasdaq are all higher for the week.
Crude oil futures are lower this week, trading around $97.70 per barrel on Friday afternoon.
And Gold futures are higher this week, trading around $1,353 an ounce in Friday afternoon trading.
In economic news, the Labor Department reported that initial jobless claims fell by 12,000 to a seasonally-adjusted rate of 350,000 claims last week. In the report, the Department noted that the figure remains elevated from the backlog created by the technical issues that California had with its new computer system.
In corporate news, 3M (NYSE:MMM) reported third quarter earnings of $1.23 billion, or $1.78 per share, as revenue climbed by 6% to $7.92 billion. The company topped both earnings and revenue estimates put out by Wall Street analysts.
Boeing (NYSE:BA) reported third quarter earnings of $1.16 billion, or $1.51 per share, as revenue rose by 11% to $22.1 billion. Excluding pension costs, Boeing would have earned $1.80 per share, easily topping Wall Street estimates of $1.55 per share.
McDonald's (NYSE:MCD) reported third quarter earnings of $1.52 billion, or $1.52 per share, as revenue climbed to $7.32 billion. Whiles sales were just light of estimates, the company did top consensus earnings by a penny.
Altria (NYSE:MO) reported third quarter earnings of $1.39 billion, or 70 cents per share, as revenue increased to $4.8 billion. Excluding one-time items, the company would have earned 65 cents per share, topping Wall Street estimates by a penny.
This is the 'Weekly Market Wrap' for Friday October 25, 2013. Please join us on Monday for the Week Ahead Market Report.
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