The twelfth trading week of 2014 comes to a close with Friday morning's momentum weakening as we approach the close.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for March 21, 2014.
The Dow Jones Industrial Average and S&P 500 are both higher for the week, and the NASDAQ is relatively flat, to slightly up for the week as we approach Friday's close.
Crude oil futures are higher this week, trading at $99.50 per barrel on Friday afternoon.
And Gold futures are significantly lower this week, trading around $1336.07 an ounce in Friday afternoon trading.
In economic news, the Fed said that information received since the Federal Open Market Committee met in January indicates that growth in economic activity slowed during the winter months, in part reflecting adverse weather conditions. Labor market indicators were mixed but on balance showed further improvement. The unemployment rate, however, remains elevated. Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable. The FOMC decided to make a further measured reduction in the pace of its asset purchases. Beginning in April, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $25 billion per month rather than $30 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $30 billion per month rather than $35 billion per month.
In corporate dividend news this week, Guess? (NYSE:GES) has approved an increase of its quarterly cash dividend to $0.225 per share on the Company's common stock, a 12.5% increase over its most recent quarterly dividend. The dividend will be payable on April 18, 2014 to shareholders of record at the close of business on April 2, 2014.
Oracle Corporation (NYSE:ORCL) declared a quarterly cash dividend of $0.12 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on April 8, 2014, with a payment date of April 29, 2014.
Intel Corporation's (NASDAQ:INTC) board of directors has declared a quarterly dividend of 22.5 cents per share (90 cents per share on an annual basis) on the company's common stock. The dividend will be payable on June 1, 2014, to stockholders of record on May 7, 2014.
JPMorgan Chase & Co. (NYSE:JPM) declared a quarterly dividend of 38 cents per share on the outstanding shares of the corporation's common stock. The dividend is payable on April 30, 2014, to stockholders of record at the close of business on April 4, 2014.
And, Iron Mountain (NYSE:IRM) declared a cash dividend of $0.27 per share on the common stock of the company, payable on April 15, 2014 to shareholders of record at the close of business on March 25, 2014.
This is the 'Weekly Market Wrap' for Friday, March 21, 2014. Please join us on Monday for the Week Ahead Market Report.
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