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Weekly Market Wrap: 1/29/2010

Stock markets continue a January downward trend despite positive economic news. The world's elites gather for the World Economic Forum at Davos to talk about banking regulation and sovereign debt risk.

Weekly Market Wrap: 1/29/2010

(MarketNewsVideo.com) -- Hi. I'm SAYOKO MURASE. Welcome to the Weekly Market Wrap for Friday, January 29, 2009.

The Dow Industrials ended the week LOWER and the S&P 500 Index was DOWN. The Nasdaq Composite Index DECLINED.

Gold prices dropped this week.

Crude oil futures fell again this week as well.

The world's elites gathered this week for the World Economic Forum at Davos. Several controversial themes have emerged including the bashing of bankers and sovereign debt risk. Financier George Soros and French President Nicolas Sarkozy reflected views by many at the meeting. The suggested governments around the globe need to create a new world order on bank regulation. Large global money center bank executives balked at the suggestion.

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Sovereign debt was voted by 50.7 percent of Davos attendees as the most likely cause of the next global crisis. Protectionism and overregulation were viewed as the number 2 and 3 issues likely to cause a new crisis.

On the economic front, U.S. gross domestic product surged 5.7 percent according to data released by the Commerce Department on Friday. It was the fastest growth in 6 years, but consumer spending and business investment remain tepid.

In earnings news this week, Apple (AAPL) posted its strongest quarter ever on sales of iPods and Macs, beating analyst estimates. The company earned $3.4 billion, or $3.67 per share. The consensus estimate was $2.07 per share. In other news, the innovator of electronic gadgets unveiled its latest product line on Wednesday, a touch screen tablet called iPad.

Biotech giant Amgen (AMGN) reported 92 cents per share in profits for the fourth quarter. Consensus estimates were for $1.16 per share.

On Tuesday, Verizon (VZ) just missed consensus estimates by reporting earnings per share of 54 cents, adjusted for special items. Analysts were expecting 55 cents per share.

Online retail leader Amazon.com (AMZN) reported blowout profits per share of 85 cents per share. The consensus forecast was 71 cents per share.

Heavy machinery giant Caterpillar (CAT) beat the street by posting 41 cents earnings per share this week, adjusted for special items. Analysts were expecting profits of 28 cents a share for the fourth quarter.

On Friday, Chevron (CVX) said that its fourth quarter profit was $1.53 per share. The consensus earnings estimate was $1.70 per share.

This is the Weekly Market Wrap for Friday, January 29. Please join us on Monday for the Week Ahead Market Report.

The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=201001WeeklyWrap012910&amp;mv=1.

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