“Wise Men Learn More From Fools Than Fools From Wise Men” -Cato
Markets On The Rise
On Friday the Toronto stock market closed up by 24 points to reach its best level since early September, 2011. Much better than expected employment figures from the United States reinforced hopes that its economy is steadily recovering from the worst recession since the Second World War. Signs of a recovery in the economy of Canada’s biggest trading partner bolstered investor hopes that demand for Canadian products and resources could soon get a boost.
The U.S. Labour Department reported that the economy created 243,000 jobs, far higher than the 150,000 jobs that economists had expected. The U.S. unemployment rate fell from 8.5% to 8.3%. “This was very good stuff to see,” said Pat McHugh, senior portfolio manager at Manulife Asset Management. “It’s a recurring theme, the U.S. economy isn’t leaving skid marks but it’s chugging ahead.” A recovery in U.S. employment levels is considered necessary to spur economic growth, which would be good for America’s trading partners, including Canada. The Dow Jones Industrials Average jumped 157 points to reach its highest point since May, 2008, while the Nasdaq composite index gained 45.98 points to 2,905.66, its highest level since December, 2000.
The TSX closed at 12577, up 110 points or 0.88% over the past week. YTD the TSX is up 5.20%.
The DOW closed at 12862, up 202 points or 1.60% over the past week.YTD the DOW is up 5.27%.
The S&P closed at 1345, up 29 points or 2.20% over the past week.YTD the S&P is up 6.92%.
The Nasdaq closed at 2906, up 89 points or 3.16% over the past week.YTD the Nasdaq is up 11.55%.
Gold closed at 1728, down -10.00 points or -0.58% over the past week.YTD gold is up 10.42%.
Oil closed at 97.74, down -1.85 points or -1.86% over the past week.YTD oil is down -1.17%.
The CAD/USD closed at 1.0066, up 0.0076 points or 0.76% over the past week.YTD the CAD/USD is up 2.74%.
RRSP DEADLINE IS WEDNESDAY FEBRUARY 29 !!
Sources: Bloomberg; Statistics Canada; Manulife; Advisor.ca