The fourth trading week of 2014 comes to a close with investors selling equities in response to a steep sell off in the emerging market economies this week.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for January 24, 2014.
The Dow Jones Industrial Average, the Nasdaq Composite and S&P 500 are all lower this week after steep declines on both Thursday and Friday.
Crude oil futures are higher this week, trading just below $97.00 per barrel on Friday afternoon.
And Gold futures are higher this week, trading around $1,264 an ounce in Friday afternoon trading.
In economic news, the Labor Department reported initial jobless claims were flat week over week with 326,000 new claims being processed last week.
In corporate news, McDonald's (NYSE:MCD) reported fourth quarter earnings of $1.4 billion, or $1.40 per share, as revenue climbed to $7.09 billion. The company topped Wall Street earnings estimates by a penny, but fell just short of revenue estimates.
Procter & Gamble (NYSE:PG) reported fiscal second quarter earnings of $3.43 billion, or $1.18 per share, as revenue rose slightly to $22.28 billion. Excluding one-time items, the company would have earned $1.21 per share, topping the consensus estimates by a penny.
United Technologies (NYSE:UTX) reported fourth quarter earnings from continued operations of $1.45 billion, or $1.58 per share, as revenue climbed to $16.76 billion. While the company's sales were short of Wall Street estimates, earnings came in higher than Wall Street was expecting.
Johnson & Johnson (NYSE:JNJ) reported fourth quarter earnings of $3.52 billion, or $1.23 per share, as revenue climbed to $18.36 billion. Excluding one-time items, the company would have earned $1.24 per share, topping Wall Street estimates.
This is the 'Weekly Market Wrap' for Friday January 24, 2014. Please join us on Monday for the Week Ahead Market Report.
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