“Old Is Always Fifteen Years From Now” -Bill Cosby
Markets End Higher
North American stock markets closed higher Friday amid much better than expected job creation data in Canada and the United States. The S&P/TSX composite index added 8.64 points to 12,159. The Dow Jones industrials gained 81 points to 13,155. Canada’s economy generated a surprisingly strong 59,300 new jobs last month, almost all full time and in the private sector, Statistics Canada said Friday. The unexpectedly robust performance dropped the country’s unemployment rate 0.2 points to 7.2%, the lowest it has been since June. The U.S. economy added 146,000 jobs in November and the unemployment rate fell to 7.7%, the lowest since December 2008. The government said Superstorm Sandy had only a minimal effect on the figures.
Happenings In China
The Shanghai composite index rallied 1.61 per cent overnight, bringing this week’s gains to 4.1%. That’s the biggest weekly advance for that index since October 2011. China has released a series of economic reports in recent weeks that are indicating the economy is starting to pick up steam. There have also been signs that China’s new leadership, under Xi Jinping, will take measures to avoid a bigger slowdown, including new public works spending. This weekend brings more data out of China, and traders are hedging their bets the figures will continue to indicate an acceleration in growth. Industrial production is forecast to rise to 9.8% a year ago, with retail sales seen jumping 14.6%, the strongest level since March.
Markets Update as of December 7 2012
The TSX closed at 12159, down 80 points or 0.65% over the past week. YTD the TSX is up 1.78%.
The DOW closed at 13155, up 129 points or 0.99% over the past week.YTD the DOW is up 7.77%.
The S&P closed at 1418, up 2 points or 0.14% over the past week.YTD the S&P is up 12.8%.
The Nasdaq closed at 2978, down 32 points or 1.06% over the past week.YTD the Nasdaq is up 14.3%.
Sources: Bloomberg; advisor.ca; globeadvisor