The third trading week of 2014 comes to a close with investors beginning to review the fourth quarter earnings reports for the major banks. Among some of the biggest to report this week were Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), Wells Fargo (NYSE:WFC), Citibank (NYSE:C), JP Morgan (NYSE:JPM) and Morgan Stanley (NYSE:MS)
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for January 10, 2014.
The Dow Jones Industrial Average and S&P 500 are both flat for the week, while the Nasdaq is trading higher.
Crude oil futures are higher this week, trading above $94.00 per barrel on Friday afternoon.
And Gold futures are higher this week, trading around $1,252 an ounce in Friday afternoon trading.
In economic news, US Housing starts fell from a five year high as the Commerce Department reported that new residential construction fell to just under one million seasonally adjusted starts in December.
In corporate news, Suntory Holdings announced that it had agreed to acquire Beam (BEAM) for $13.62 billion, or $83.50 per share. The deal amounts to a 25% premium over last Friday's closing price and will be paid in cash to Beam shareholders.
General Electric (NYSE:GE) reported fourth quarter earnings of $4.2 billion, or 41 cents per share, on revenue of $40.38 billion. Excluding one-time items, the company would have earned 53 cents per share, matching Wall Street estimates.
JP Morgan (NYSE:JPM) reported fourth quarter earnings of $5.28 billion, or $1.30 per share, sending the stock higher this week. Excluding one-time items, the company would have earned $1.40 per share, topping Wall Street estimates.
Bank of America (NYSE:BAC) reported fourth quarter earnings of $3.44 billion, or 29 cents per share, as revenue climbed to $22.3 billion. In the report, Bank of America said that its bad loan provisions fell from $2.2 billion in the fourth quarter of 2012 to $336 million at the end of this quarter.
Goldman Sachs (NYSE:GS) reported fourth quarter earnings of $2.25 billion, or $4.60 per share, as revenue slid to $8.78 billion. In the report, Goldman noted that investment banking earnings jumped by 22% to $1.72 billion.
This is the 'Weekly Market Wrap' for Friday January 17, 2014. Please join us on Monday for the Week Ahead Market Report.
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