Dow Tops 14,000 as US Labor Market Shares Positive News (GM, XOM)

Markets were pushed higher after positive data was released regarding employment in the US. The economy added more jobs towards the end of 2012 than was originally reported and as a result the Dow crossed above 14,000 points for the first time since 2007. Nasdaq and the S&P 500 also finished higher for the day. Some of today’s top performers included Audience Inc. (ADNC), who gained 17% after reporting Q4 earnings and Perrigo Co (PRGO), who saw shares rise around 5% after releasing quarterly results. Merck & Co (MRK) was  hit hard after reporting a drop in earnings. The US Justice Department decided to block the merger between Anheuser-Busch InBev (ABI) and Grupo Modelo, believing that the deal would give InBev control of the market. Oil futures were up on Friday and finished with a 2% weekly gain and the dollar fell against the euro following the recent jobs data.

Word on the Street

• More jobs than were originally announced were added in the US in January.
• Auto companies GM (GM) and Toyota (TM) finish off what was a very solid month for sales.
• US manufacturing expands for the second consecutive month on new orders and inventories increases.
• The Justice Department has locked the deal between Anheuser-Busch InBev (ABI) and Grupo Modelo.
• Pfizer’s (PFE) unit Zoetis was on track to be the largest IPO since Facebook (FB).
• Exxon (XOM) and Chevron (CVX) post Q4 earnings results and beat expectations on Wall Street.
• Oil futures see weekly gain of 2% after ending modestly higher on Friday.
• Dunkin’ Branks (DNKN) Rallies on Strong 4Q Earnings.

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