The ninth trading week of 2014 comes to a close with investors pushing stocks to new highs yet again.
Hi. I'm Tracey Fitzpatrick. Welcome to the 'Weekly Market Wrap' for February 28, 2014.
The Dow Jones Industrial Average, the Nasdaq Composite and S&P 500 are all higher for the week, each gaining more than 1.5% during the week.
Crude oil futures are slightly higher this week, trading just above $102.00 per barrel on Friday afternoon.
And Gold futures are flat this week, trading around $1,322 an ounce in Friday afternoon trading.
In economic news, the Bureau of Economic Analysis reported real gross domestic product increased at an annual rate of 2.4% in the fourth quarter of 2013, down from the advance estimate of 3.2%.
In corporate news, Macy's (NYSE:M) reported fourth quarter earnings of $811 million, or $2.16 per share, as revenue slid to $9.2 billion. The company missed Wall Street earnings estimates by a penny and fell just short of sales estimates.
Toll Brothers (NYSE:TOL) reported fiscal first quarter earnings of $45.6 million, or 25 cents per share, as revenue jumped to $643.7 million. In the report, the homebuilder said the average purchase prices of homes climbed to $694,000, but noted that it saw weather impact the number of new orders recorded during the quarter.
Target (NYSE:TGT) reported fourth quarter earnings of $520 million, or 81 cents per share, as revenue slipped to $21.5 billion. Revenue was in-line with Wall Street estimates, while earnings topped the consensus by a penny. In the report, Target said the data breach resulted in a net expense of $17 million after taking into account its insurance policy. While the disclosure of the data breach did temporarily slow sales, the company noted that recent trends have been encouraging.
This is the 'Weekly Market Wrap' for Friday February 28, 2014. Please join us on Monday for the Week Ahead Market Report.
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