“Knowledge Speaks But Wisdom Listens” -Jimi Hendrix
Markets Up On More Good News
The Toronto stock market was higher Friday as U.S. job creation data and a strong showing in the American manufacturing sector raised hopes that indexes can build on January gains. The S&P/TSX composite index rose 80.44 points to 12,765. U.S. stocks sprinted to fresh five-year highs Friday, with the Dow Jones industrial average surpassing the psychologically important 14,000 level as it closed in on an all-time record. It is now just 155 points away from its highest level ever.
Investors today were in an upbeat mood after data from across the globe showed more promising signs that economies were on the mend. just over 63 per cent of U.S. companies have beaten earnings expectations. That was just shy of the average forecast by economists, but the data also showed that the economy added about one-third of a million more jobs in 2012 than previously estimated. The rally got started overnight, with the Shanghai stock exchange jumping 1.4 per cent after two separate surveys showed improvement in China’s manufacturing sector. Purchasing managers’ data was released in Europe this morning that indicated the region’s manufacturing sector contracted at the slowest pace in nearly a year.
Canadians Trust Their Advisors
Canadian investors feel confident in the level of service and professionalism offered by their own advisors according to a recently released study commissioned by the Toronto-based Investment Industry Association of Canada. Of those surveyed over 60% said they feel they received a high level of value from their advisor. Five out of six investors said they feel a high level of trust in their financial advisor while 75% said they trusted the advisor’s firm.
Market Update as of February 1, 2013
The TSX closed at 12769, down -48 points or -0.37% over the past week. YTD the TSX is up 1.82%.
The DOW closed at 14010, up 114 points or 0.82% over the past week.YTD the DOW is up 6.91%.
The S&P closed at 1513, up 10 points or 0.67% over the past week.YTD the S&P is up 6.10%.
The Nasdaq closed at 3179, up 29 points or 0.92% over the past week.YTD the Nasdaq is up 2.85%.
Gold closed at 1668, up 10.00 points or 0.60% over the past week.YTD gold is down -0.71%.
Oil closed at 97.65, up 1.59 points or 1.66% over the past week.YTD oil is up 5.49%.
The USD/CAD closed at 0.9977, down -0. 0081 points or -0.81% over the past week.YTD the USD/CAD is up 1.02%.
Sources: Bloomberg, advisor.ca, Investment Executive