The seventh trading week of 2014 comes to a close with the US markets continuing the rally that started last week.
Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for February 14, 2014.
The Dow Jones Industrial Average, the Nasdaq Composite and S&P 500 are all higher for the week, each gaining more than 2% during the week long rally.
Crude oil futures are higher this week, trading just above $100.00 per barrel on Friday afternoon.
And Gold futures are sharply higher this week, trading around $1,319 an ounce in Friday afternoon trading.
In economic news, the Labor Department reported initial jobless claims increased by 8,000 last week to a seasonally adjusted 339,000 claims. In the report, the prior week's report was unchanged and the four week moving average increased to just under 337,000 new claims.
In corporate news, PepsiCo (NASDAQ:PEP) reported fourth quarter earnings of $1.74 billion, or $1.12 per share, as revenue remained relatively flat at $20.11 billion. Excluding one-time items, the company would have earned $1.05 per share, topping Wall Street estimates.
Comcast (NASDAQ:CMCSA) said that it had agreed to acquire Time Warner Cable (TWC) in an all-stock deal valued at $45.2 billion. Time Warner Cable shareholders will receive 2.875 shares of Comcast for each share of Time Warner Cable they own and will ultimately own approximately 23% of the combined company.
CVS Caremark (NYSE:CVS) said net revenues increased 4.6% to $32.8 billion, with Pharmacy Services up 5.2% and Retail Pharmacy up 5.6%. Adjusted EPS increased 15.8% to $1.12 per share, beating estimates, while GAAP diluted EPS increased 16.9% to $1.05 per share.
This is the 'Weekly Market Wrap' for Friday February 14, 2014. Please join us on Monday for the Week Ahead Market Report.
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