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
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 (
) 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
Toll Brothers (
) 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.
) 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
This is the 'Weekly Market Wrap' for Friday February 28, 2014.
Please join us on Monday for the Week Ahead Market Report.
VIDEO: Weekly Market Wrap: February 28, 2014