“Honesty Is The First Chapter In The Book of Wisdom” -Thomas Jefferson
North American markets split direction near midday Friday with Toronto lower and New York higher as jobs reports in both Canada and the United States came in better than anticipated. The S&P/TSX composite index dropped 31 points to 12,134. The Canadian dollar was down 0.53 of a cent to 94.59 cents US.
Statistics Canada says the official unemployment rate remained unchanged at 7.1% last month as employers pulled back after a wild month of hiring in May. The agency says the economy shed a mere 400 jobs in June, a statistically insignificant number, but better than the 12,500 jobs economists had expected would be lost in the hangover from the hiring binge seen in May, when 95,000 new jobs were added. On Wall Street, the U.S. jobs numbers were better received, raising hopes that the U.S. economy is headed towards a better second half of the year. The Dow Jones industrials moved 147 points higher to 15,135, the Nasdaq gained 35 points to 3,479 and the S&P 500 index ticked up 16 points to 1,631. The U.S. Labor Department said American employers added 195,000 jobs in June and hiring was more robust in the two previous months than earlier estimated, suggesting job growth is accelerating.
Market Update as of July 5 2013
The TSX closed at 12135, up 6 points or 0.05% over the past week. YTD the TSX is down -3.24%.
The DOW closed at 15136, up 226 points or 1.52% over the past week.YTD the DOW is up 15.51%.
The S&P closed at 1632, up 26 points or 1.62% over the past week.YTD the S&P is up 14.45%.
The Nasdaq closed at 3479, up 76 points or 2.23% over the past week.YTD the Nasdaq is up 12.55%.
Gold closed at 1222, down -8.00 points or -0.65% over the past week.YTD gold is down -27.26%.
Oil closed at 103.2, up 8.17 points or 8.60% over the past week.YTD oil is up 11.48%.
The USD/CAD closed at 1.0576, up 0.0059 points or 0.56% over the past week.YTD the USD/CAD is up 7.09%.
Sources: Bloomberg; Investment Executive, advisor.ca