This fiftieth trading week of 2013 comes to a close with investors reviewing the impact of the proposed bipartisan budget deal that both trims the national deficit and eliminates the possibility of a government shutdown for two years.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for December 13, 2013.
The Dow Jones Industrial Average, the Nasdaq and the S&P 500 were all trading lower by more than 1% this week.
Crude oil futures are lower this week, trading below $97.00 per barrel on Friday afternoon.
And Gold futures are modestly higher this week, trading around $1,235 an ounce in Friday afternoon trading.
In economic news, the Labor Department reported initial jobless claims increased by 68,000 to a seasonally adjust 368,000.
In corporate news, Costco (NASDAQ:COST) reported fiscal first quarter earnings of $425 million, or 96 cents per share, as revenue increased to $25 billion. The big box retailer missed Wall Street estimates on both the top and bottom line, causing weakness in the stock this week.
Joy Global (NYSE:JOY) reported fiscal first quarter earnings of $26.8 million, or 25 cents per share, as revenue fell to $1.18 billion. Excluding certain one-time items, the company would have earned $1.11 per share, a penny short of analyst estimates.
Lululemon (NASDAQ:LULU) reported third quarter earnings of $66.1 million, or 45 cents per share, as revenue climbed to $379.9 million. The yoga clothing maker topped Wall Street estimates, but the stock is trading lower this week as investors are concerned about the downward revisions to 2014 guidance.
This is the 'Weekly Market Wrap' for Friday December 13, 2013. Please join us on Monday for the Week Ahead Market Report.
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