The Dow Jones Industrial Average and the S&P 500 edged higher for the week, but the NASDAQ was about even. Crude oil futures are lower for the week, trading around $90 per barrel on Friday afternoon. Gold futures are higher for the week, trading at $1618.40 an ounce in this afternoon trading. In notable economic news this week, manufacturers orders for durable goods increased by 1.6% to a seasonally adjusted $221.63 billion. Orders for May were revised up to $218.20 billion which is a 1.6% gain over the prior month. 

In corporate news this week, NRG Energy announced it will buy power producer GenOn Energy in a deal worth $1.7 billion in stock. 

United Parcel Service announced that quarterly results missed forecasts and it also cuts its 2012 outlook due to a global uncertainty. Adjusted earnings increased by 7.5% to $1.15 per share versus of $1.07 per share in the same period last year. Estimates were for earnings of $1.17 per share. And revenue increased to $13.35 billion, and, but it was below the estimate of $13.7 billion. 

JetBlue announced that net income increased to $52 million or 16 cents per share compared to $25 million or 8 cents per share in the same period of last year. Revenue increased 11% to $1.23 billion. The airline said that the gains were due to an increase in business and leisure travel and the profit was the highest second quarter in history. 

Delta Air Lines said that it lost $168 million or 20 cents per share in the most recent fiscal quarter which is down from $198 million or 23 cents per share in the same period of last year. Revenue increased to $9.73 billion from $9.15 billion. The company forecast a return to profitability next quarter. 

Sprint Nextel announced that it lost $1.37 billion or 46 cents per share compared to 28 cents per share in the same period of last year. Revenue was $8.8 billion versus $8.3 billion last year, and analysts had expected $8.727 billion. 

This is the Weekly Market Wrap for Friday July 27, 2012. Please join us on Monday for the Week Ahead Market Report. From marketnewsvideo.com, I’m Kristin Bianco.