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 (WWE), Emulex
Corporation (ELX), The Manitowoc Company (MTW) and Acorda
Therapeutics (ACOR) are leading the way lower this afternoon.
Hi. I'm Sayoko Murase. Welcome to the 'Weekly Market Wrap' for May
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
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,
In highlights of corporate dividend news, Exxon Mobil (
) 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.
) 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 (
) 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
) 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
And, Honeywell (
) 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.
VIDEO: Weekly Market Wrap: May 2, 2014