This fortieth trading week of 2013 comes to a close as investors are left wondering if the US government will find a compromise to end the shutdown and avoid bring the country to the brink of default for the second time in two years.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for October 4, 2013.
The Dow Jones Industrial Average is lower for the week, the S&P 500 is flat and the Nasdaq is trading higher.
Crude oil futures are higher this week, trading above $103 per barrel on Friday afternoon.
And Gold futures are lower this week, trading around $1,310 an ounce in Friday afternoon trading.
In notable economic news this week, the ADP National Employment Report said US employers added 166,000 new jobs in September, just short of the estimates of 180,000 new jobs. The report also revised the August report lower from 176,000 new jobs down to 159,000 new jobs.
In corporate news, Monsanto (NYSE:MON) reported a fiscal fourth quarter loss of $249 million, or 47 cents per share, as sales rose to $2.2 billion. In the report, Monsanto also said it is acquiring Climate Corporation in a deal valued at $930 million. Climate Corporation uses weather data to help farmers plan their growing season and maximize yields.
BMO Capital increased its EPS estimates on shares of Apple (NASDAQ:AAPL) through 2014 as the company's pricing power will translate into stronger earnings. In the report, BMO maintained its outperform rating and set a new $508 price target.
And Walgreen (NYSE:WAG) reported fiscal fourth quarter earnings of $657 million, or 69 cents per share, as revenue climbed by 5% to $17.94 billion. Excluding one-time items and adjustments, the company would have earned 73 cents per share in the quarter, topping Wall Street estimates by a penny.
This is the 'Weekly Market Wrap' for Friday October 4, 2013. Please join us on Monday for the Week Ahead Market Report.
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