The fortieth trading week of 2014 comes to a close with the S&P 500, NASDAQ composite and Dow Jones all higher in mid-afternoon trading today.

Most actively traded stocks include Bank of America (BAC) up 2%, Apple (AAPL) flat, and Medtronic (MDT) up 3.5%.

Hi. I'm Kristin Bianco. Welcome to the 'Weekly Market Wrap' for October 3, 2014.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are all relatively flat this week.

Crude oil futures are sharply lower this week, trading at $90.14 per barrel on Friday afternoon.

And Gold futures are also lower this week, trading at $1192.34 an ounce this afternoon.

In economic news, personal income increased $47.3 billion, or 0.3 percent, and disposable personal income increased $35.2 billion, or 0.3 percent, in August, according to the Bureau of Economic Analysis. Personal consumption expenditures increased $57.5 billion, or 0.5 percent. In July, personal income increased $35.9 billion, or 0.2 percent, DPI increased $24.6 billion, or 0.2 percent, and PCE increased $0.5 billion, or less than 0.1 percent, based on revised estimates.

In the week ending September 27, the advance figure for seasonally adjusted initial claims was 287,000, a decrease of 8,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 293,000 to 295,000. The 4-week moving average was 294,750, a decrease of 4,250 from the previous week's revised average. The previous week's average was revised up by 500 from 298,500 to 299,000.

Total nonfarm payroll employment increased by 248,000 in September, and the unemployment rate declined to 5.9 percent, the U.S. Bureau of Labor Statistics reported. Employment increased in professional and business services, retail trade, and health care.

In September, the unemployment rate declined by 0.2 percentage point to 5.9 percent. The number of unemployed persons decreased by 329,000 to 9.3 million. Over the year, the unemployment rate and the number of unemployed persons were down by 1.3 percentage points and 1.9 million, respectively.

In corporate dividend news, ConocoPhillips (NYSE:COP) announced a quarterly dividend of 73 cents per share, payable Dec. 1, 2014, to stockholders of record at the close of business on Oct. 14, 2014.

Corning (NYSE:GLW) declared a quarterly dividend on the company's common stock of $0.10 per share, payable on December 12, 2014, to holders of record on November 14, 2014.

Phillips 66 (NYSE:PSX) has declared a quarterly dividend of 50 cents per share on Phillips 66 common stock. The dividend is payable on Dec. 1, 2014 to shareholders of record as of the close of business on Nov. 14, 2014.

Ingersoll-Rand declared a quarterly dividend of $0.25 cents per ordinary share, payable December 31, 2014, to shareholders of record on December 12, 2014.

And, Murphy Oil (NYSE:MUR) declared a quarterly cash dividend on the Common Stock of Murphy Oil Corporation of $0.35 per share, or $1.40 per share on an annualized basis. The dividend is payable December 1, 2014 to holders of record November 14, 2014.

This is the 'Weekly Market Wrap' for Friday, October 3, 2014. Please join us on Monday for the Week Ahead Market Report.

For MarketNewsVideo.com, I'm Kristin Bianco.