The eighteenth trading week of 2014 comes to a close with US markets slightly lower, to flat in mid-afternoon trading.
Names such as World Wrestling Entertainment (NYSE:WWE), Emulex Corporation (ELX), The Manitowoc Company (NYSE:MTW) and Acorda Therapeutics (NASDAQ:ACOR) are leading the way lower this afternoon.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for May 2, 2014.
The Dow Jones Industrial Average, S&P 500 and the NASDAQ are all higher for the week.
Crude oil futures are lower this week, trading at $99.84 per barrel on Friday afternoon.
And Gold futures are also lower, trading at $1299.83 an ounce on Friday afternoon.
In economic news, real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 0.1 percent in the first quarter (that is, from the fourth quarter of 2013 to the first quarter of 2014), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent. The Bureau emphasized that the first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the first quarter, based on more complete data, will be released on May 29, 2014.
The increase in real GDP in the first quarter primarily reflected a positive contribution from personal consumption expenditures that was partly offset by negative contributions from exports, private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased.
In the week ending April 26, the advance figure for seasonally adjusted initial claims was 344,000, an increase of 14,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 329,000 to 330,000. The 4-week moving average was 320,000, an increase of 3,000 from the previous week's revised average. The previous week's average was revised up by 250 from 316,750 to 317,000.
Total nonfarm payroll employment rose by 288,000, and the unemployment rate fell by 0.4 percentage point to 6.3 percent in April, the U.S. Bureau of Labor Statistics reported. Employment gains were widespread, led by job growth in professional and business services, retail trade, food services and drinking places, and construction.
In highlights of corporate dividend news, Exxon Mobil (NYSE:XOM) declared a cash dividend of 69 cents per share on the Common Stock, payable on June 10, 2014 to shareholders of record of Common Stock at the close of business on May 13, 2014.
Chevron (NYSE:CVX) declared a quarterly dividend of one dollar and seven cents ($1.07) per share, payable June 10, 2014, to holders of common stock as shown on the transfer records of the Corporation at the close of business on May 19, 2014.
Wells Fargo & Company (NYSE:WFC) announced a quarterly common stock dividend of $.35 per share, an increase of five cents, or 17 percent, per share from the prior quarter. The dividend is payable June 1, 2014, to stockholders of record on May 9, 2014, as approved today by the Wells Fargo board of directors.
IBM (NYSE:IBM) declared a regular quarterly cash dividend of $1.10 per common share, payable June 10, 2014 to stockholders of record May 9, 2014. Today's dividend declaration represents an increase of $0.15, or 16 percent higher than the prior quarterly dividend of $0.95 per common share.
And, Honeywell (NYSE:HON) has declared a regular quarterly dividend of $0.45 per share on the company's outstanding common stock. The dividend is payable on June 10, 2014 to shareowners of record at the close of business on May 22, 2014.
This is the 'Weekly Market Wrap' for Friday, May 2, 2014. Please join us on Monday for the Week Ahead Market Report.
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