-$0.05 (-0.40%)
07:16PM (15 mins delay)
Nov 13, 2009 - 5:21 PM EST
US markets end the week higher. Gold hits another new record high as efforts by central banks to stem the slide in the value of the US dollar fail. Hi. Im SAYOKO MURASE. Welcome to the Weekly Market Wrap for Friday, November 13, 2009. Major equity indexes were higher for the week despite being flat on Friday. This week, the Dow Industrials ended HIGHER and the S&P 500 Index closed UP. The Nasdaq Composite Index ADVANCED. Crude futures had spent most of the week just under $80 a barrel, but Thursday's Energy Department report of large increases in US oil and gasoline inventories sent oil prices down. Crude-oil futures DOWN for the week. Gold surged to record high prices again this week, holding above $1,100 an ounce as ongoing dollar weakness offered support. Gold futures hit a record high of $1,123.40 an ounce on Thursday. December gold futures were up for the week. On the economic front, first time claims for jobless benefits dropped last week to 502,000, the lowest level since early January. The number of people continuing to claim benefits dropped by 139,000 to 5.6 million. Despite this improvement, unemployment is still trending higher over the past weeks. On Thursday, the Treasury Department reported the US budget deficit for October was $176 billion, $20 billion worse than a year ago. The number was an all-time high for the month of October. Treasury reported $312 billion in outlays and $135 billion in receipts, an 18% decline from October 2008. Central banks from Brazil, South Korea, Russia and other nations are fighting a losing battle to prop up the US dollar and hold down the value of their currencies. The US dollar index (DXY), or Dixie, bounced back above 75 after trading at 74.77 on Wednesday of this week. The DXY tracks the performance of the dollar against a basket of other major currencies. The 74 target area is the next critical support line for the greenback. The dollar is expected to remain soft as the Federal Reserve holds interest rates near zero and maintains its policy of quantitative easing into next year. In third quarter earnings news, Priceline.com (PCLN) reported earnings per share of $3.45 for the third quarter, beating the consensus estimate by 53 cents. Applied Materials (AMAT) posted profits of 13 cents per share, beating expectations by 10 cents. The company reported increased sales and profitability in semiconductor equipment and higher demand in all segments. Macy's (M), the largest department store in the US, reported a loss of 3 cents per share for the third quarter, beating the consensus estimate of minus 7 cents. Kohl's (KSS) reported profit per share of 63 cents, beating the street by 2 cents. Wal-Mart Stores (WMT) posted third quarter earnings per share of 84 cents. Analysts were expecting 81 cents per share in profits. This is the Weekly Market Wrap for Friday, November 13. Please join us on Monday with the Week Ahead Market Report. For MarketNewsVideo.com, I'm SAYOKO MURASE.Source: Market News Video (Nov 13, 2009 - 5:21 PM EST)
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