Weekly Market Wrap: 4/9/2010

(MarketNewsVideo.com) -- Hi. I'm SAYOKO MURASE. Welcome to the Weekly Market Wrap for Friday, April 9, 2010.

Major U.S. markets closed higher for the week. The S&P 500 closed higher and the Nasdaq Composite Index edged up as well. The Dow Industrials rose for the week.

Crude oil futures edged down for the week. May oil contracts were trading above $84 a barrel on Friday afternoon.

The gold price surged this week to over $1,160 an ounce on a weaker U.S. dollar, gaining about 3 percent for the week. The Dollar Index, an index that tracks the greenback against six major currencies, slid 0.6 percent near 81.

On Monday, the National Association of Realtors surprised economists with a Pending Home Sales index level of 97.6, an 8.2 percent gain for February over January. Economists were expecting pending home sales declined by 1 percent during the month.

On Thursday, the Labor Department announced that weekly jobless claims reached 460,000, significantly higher than consensus estimates. Economists were expecting 436,000 for the week of April 3.

Also on Thursday, chain store sales data were released with 27 of 30 retailers posting strong results. Sixteen of the stores posted double digit month-over-month increases including Kohls (KSS), Limited Brands (LTD), and Macy's (M).

European Union officials are ready to act on financial assistance for Greece so the country can avoid default according to a European Commission spokesperson. Yields on Greek two-year notes fell 44 basis points to 6.93 percent after rising more than 200 basis points in the past three weeks.

On the earnings front this week, retailer Bed Bath & Beyond (BBBY) reported earnings per share of 86 cents on Wednesday. Analysts were expecting profits of 73 cents.

Also n Wednesday, Family Dollar Stores (FDO) reported street-beating profits of 81 cents per share for the three months ending in February. The consensus estimate was 78 cents.

Agricultural giant Monsanto (MON) missed consensus estimates, reporting $1.70 per share in profits, ex-items. Analysts were expecting the company to announce $1.73 per share in quarterly earnings.

On Thursday, Texas-based Pier 1 Imports (PIR) released quarterly earnings of 31 cents per share, in line with a consensus estimate of 31 cents per share.

This is the Weekly Market Wrap for Friday, April 9. 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=201004WeeklyWrap040910&mv=1.