This holiday-shortened fifty second trading week of 2013 comes to a close with investors sending the markets to new highs for the year.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for December 27, 2013.
The Dow Jones Industrial Average, the Nasdaq and the S&P 500 were all trading higher again this week.
Crude oil futures are higher this week, trading above $100.00 per barrel on Friday afternoon.
And Gold futures are higher this week, trading around $1,214 an ounce in Friday afternoon trading.
In economic news, the Labor Department reported initial jobless claims decreased by 42,000 to a seasonally adjusted 338,000 new claims. In the report, the Labor Department noted that the holiday season typically has higher volatility and this week was no different.
In corporate news, Macquarie downgraded shares of Twitter (NYSE:TWTR) from neutral to underperform citing valuation. In the report, Macquarie notes that the fundamentals of the company have not changed, yet the stock has advanced more than 20% in the past week and more than 75% in December. Macquarie maintained its $46 price target in the report.
Hudson Square downgraded shares of Blackberry (NASDAQ:BBRY) from hold to sell as the cash burn rates will eventually overwhelm the company. In the report, Hudson Square set a $5 price target.
Credit Suisse lowered its EPS estimates on shares of Schlumberger (NYSE:SLB) through 2015 citing weaker seismic results. In the report, Credit Suisse maintained its neutral rating and set a $105 price target.
Morgan Stanley initiated coverage on shares of Houghton Mifflin (NASDAQ:HMHC) with an overweight rating as the company will continue to benefit from the recovery in consumer spending. In the report, Morgan Stanley noted that Houghton Mifflin is a market leader and set a $20 price target.
This is the 'Weekly Market Wrap' for Friday December 27, 2013. Please join us on Monday for the Week Ahead Market Report.
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