“Mud Sometimes Gives The Illusion of Depth” -Marshall McLuhan
TSX Loses Ground
The Toronto stock market lost ground Friday with many key sectors lower as the latest numbers on the U.S. and Canadian economies did little to ease concerns about weakness. The S&P/TSX composite index moved down 21 points to 12,317. A report from the U.S. Commerce Department showed that Americans spent more in August even though their incomes barely grew. But the spending increase was driven by higher gasoline prices. Meanwhile, Statistics Canada reported that the economy grew by 0.2% in July, after a downwardly revised 0.1% increase in June. The July figure was better than the 0.1% expected by analysts. On Wall Street, the Dow Jones industrials backed off 48 points to 13,437. The Nasdaq composite index slipped 20 points to 3,117 and the S&P 500 index was off 6 points to 1,441.
This trading session also marks the end of the quarter, which can lead to some volatile trading as investors buy and sell large amounts of stock. Investors also remained cautious over Spain, a day after the country’s government announced big spending cuts it hopes will convince potential bailout creditors and investors that it has a rock-solid plan to heal its public finances. The positive momentum generated by Thursday’s Spanish budget ground to a halt Friday as investors waited for results of stress tests on 14 of the country’s banks, which were expected after European markets closed.
Market Update September 28 2012
The TSX closed at 12317, down -92 points or -0.74% over the past week. YTD the TSX is up 3.03%.
The DOW closed at 13437, down -142 points or -1.05% over the past week.YTD the DOW is up 9.98%.
The S&P closed at 1441, down -19 points or -1.30% over the past week.YTD the S&P is up 14.55%.
The Nasdaq closed at 3116, down -64 points or -2.01% over the past week.YTD the Nasdaq is up 19.62%.
Gold closed at 1774, down -2.00 points or -0.11% over the past week.YTD gold is up 13.35%.
Oil closed at 93.95, up 2.00 points or 2.18% over the past week.YTD oil is down -5.01%.
The USD/CAD closed at 0.9832, up 0.0066 points or 0.68% over the past week.YTD the USD/CAD is up 0.35%.
Sources: Bloomberg, advisor.ca, Financial Post