“Win or Lose, We Go Shopping After the Election” -Imelda Marcos
Markets Close Higher
North American markets capped off a mostly positive week higher Friday despite a continuing retreat in commodity prices. The S&P/TSX composite index was up 45.19 points to 12,589.09. The Canadian dollar lost 0.41 of a cent to 98.85 cents US. Statistics Canada reported April’s unemployment rate was unchanged at 7.2 %, as the economy added 12,500 new jobs. On Wall Street, the Dow Jones industrials index jumped 35.71 points to 15,118.33, while the Nasdaq climbed 27.41 points to 3,436.58. The S&P 500 gained 7.02 points to 1,633.69. Meanwhile, commodities continue to fall. The June crude oil contract declined 35 cents to US$96.04 a barrel, June gold bullion fell $32 to US$1,436.60 an ounce and July copper was up a penny at US$3.35 a pound.
Canada Adds 12,500 Jobs
Canada’s economy managed to eke out a meagre 12,500 net new jobs in April, but the fact that all of them were full-time brought solace to a labour force outlook that has turned sour of late. The small pickup last month helped take the sting out of March’s massive 54,500 contraction and kept the unemployment rate steady at 7.2 %. However, it was not enough to put job creation on the positive side of the ledger for 2013 as a whole. In the first four months of the year, Canada has seen a net loss of about 13,000 workers. Statistics Canada said that for the past 12 months, employment has increased by only 163,000, a rate of growth of less than one per cent. All the gains came in the form of new employees, rather than self-employment, and the 36,000 increase in full-time work — while most were in the public sector — is a relatively strong result.
Market Update as of May 10 2013
The TSX closed at 12589, up 106 points or 0.85% over the past week. YTD the TSX is up 0.38%.
The DOW closed at 15118, up 144 points or 0.96% over the past week.YTD the DOW is up 15.37%.
The S&P closed at 1634, up 20 points or 1.24% over the past week.YTD the S&P is up 14.59%.
The Nasdaq closed at 3437, up 58 points or 1.72% over the past week.YTD the Nasdaq is up 11.19%.
Gold closed at 1446, down -20.00 points or -1.36% over the past week.YTD gold is down -13.93%.
Oil closed at 95.87, up 0.40 points or 0.42% over the past week.YTD oil is up 3.56%.
The USD/CAD closed at 1.0104, up 0.0022 points or 0.22% over the past week.YTD the USD/CAD is up 2.31%.
Sources: Bloomberg; Investment Executive; advisor.ca