The sixth trading week of 2014 comes to a close with the US markets rallying into the weekend. Investors were able to shake off initial disappointment with the January payroll report to find upside in the numbers.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for February 7, 2014.
The Dow Jones Industrial Average, the Nasdaq Composite and S&P 500 are all higher for the week after rallying in both Thursday and Friday's sessions.
Crude oil futures are higher this week, trading just above $99.00 per barrel on Friday afternoon.
And Gold futures are higher this week, trading around $1,267 an ounce in Friday afternoon trading.
In economic news, the Labor Department released the January payroll report showing that only 113,000 new were created. Economists were expecting to see 185,000 jobs created, but unusually cold weather slowed hiring across many sectors. The bright spot from the report was that more people entered the workforce in January and the jobless rate decreased to 6.6%.
In corporate news, General Motors (NYSE:GM) reported fourth quarter earnings of $913 million, or 57 cents per share, as revenue climbed to $40.5 billion. Excluding one-time items, the automaker would have earned 67 cents per share in the quarter, falling well short of Wall Street estimates.
Cigna (NYSE:CI) reported fourth quarter earnings of $361 million, or $1.29 per share, as revenue climbed to $8.15 billion. Excluding one-time items, the company would have earned $1.39 per share, also missing Wall Street estimates.
Archer Daniels Midland (NYSE:ADM) reported fourth quarter earnings of $374 million, or 56 cents per share, as revenue slid to $24.1 billion. Excluding one-time items related to the acquisition of GrainCorp, the company would have earned 95 cents per share, easily topping Wall Street estimates.
Michael Kors (NYSE:KORS) reported fiscal third quarter earnings of $229.6 million, or $1.11 per share, as revenue climbed to just over $1 billion. In the report, Michael Kors is guiding for fiscal fourth quarter earnings in the range of 63 cents to 65 cents per share with revenue in the range of $790 million to $800 million.
This is the 'Weekly Market Wrap' for Friday February 7, 2014. Please join us on Monday for the Week Ahead Market Report.
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