“Do Not Pray For Easy Lives. Pray To Be Stronger” -John Fitzgerald Kennedy
Dow Jones and S&P 500 Reach New Heights
Both the S&P and Dow closed at new records today. The broad-based S&P 500 added 8.79 points at 1,804 while the Dow Jones Industrial Average added 52.85 points to close at 16,062. The S&P/TSX composite index edged up 3.01 points to 13,478, led by rising industrial and financial stocks. The Dow gained 0.7 per cent this week, its seventh straight weekly gain, the longest streak since January 2011, said Bloomberg. The S&P rallied after three days of losses. “There’s not a lot of negative news to slow stocks,” Sam Stovall, chief investment strategist at Standard & Poor’s Capital IQ, told AFP. “Little by little, people are throwing in the towel, meaning they are joining in on the rally.” On the inflation front, Statistics Canada reported that consumer prices rose at an annual rate of 0.7 per cent in October, down from 1.1 per cent in September and lower than the 0.9 per cent rate that had been expected.
Four in 10 Retirees Are Not Retiring On Time
While 80% of Canadians nearing retirement believe they’ll choose when they leave their careers, in reality 41% of retirees say they left sooner than expected, shows the RBC 2013 Retirement Myths & Realities Poll. Often employers asked them to step down (41%) or health issues sped up their departure (22%). The survey also shows 20% of retirees had one month or no advance notice before retirement, with 65% reporting they had notification one year or less before their retirement date. The poll also showed of fully retired Canadians responded they had retired “at the right time”
Market Update as of November 22, 2013
The TSX closed at 13478, down -5 points or -0.04% over the past week. YTD the TSX is up 7.47%.
The DOW closed at 16065, up 103 points or 0.65% over the past week.YTD the DOW is up 22.60%.
The S&P closed at 1805, up 7 points or 0.39% over the past week.YTD the S&P is up 26.58%.
The Nasdaq closed at 3992, up 6 points or 0.15% over the past week.YTD the Nasdaq is up 29.15%.
Gold closed at 1243, down -46.00 points or -3.57% over the past week.YTD gold is down -26.01%.
Oil closed at 94.83, down -0.07 points or -0.07% over the past week.YTD oil is up 2.44%.
The USD/CAD closed at 1.0514, up 0.0075 points or 0.72% over the past week.YTD the USD/CAD is up 6.46%.
Sources: Bloomberg, advisor.ca, Investment Executive