|“In Politics Stupidity Is Not A Handicap” -Napoleon
TSX Moves Ahead
The Toronto stock market closed with a solid gain Friday as traders put the best face on American jobs data that missed forecasts. The S&P/TSX composite index climbed 73.1 points to 13,786.5. The loonie closed up 0.26 of a cent to 90.59 cents US amid strong Canadian employment gains in January. Statistics Canada says the economy created 29,400 jobs, far higher than the 20,000 that economists had been expecting, while the unemployment rate slid to 7% from 7.2% The showing was a big improvement from December when the economy shed 44,000 jobs. In New York, the Dow Jones industrials jumped 165.55 points to 15,794.08 as the U.S. Labor Department reported that 113,000 jobs were created in January against the approximately 180,000 that had been expected. Still, the unemployment rate moved down to 6.6% from 6.7%, the lowest since October 2008, even as labour force participation increased. The Nasdaq moved up 68.74 points to 4,125.86 and the S&P 500 index rose 23.59 points to 1,797.02. Finding the bright side of the jobs data pushed the Dow industrials up 0.6% this week while rising energy stocks were primarily responsible for a 0.67% gain on the TSX.
Majority Will Hit Retirement Goal
More than half of Canada’s future retirees (55%) are comfortable that they are on track to achieve their retirement goals, according to a Scotiabank poll. The comfort level in achieving retirement goals jumps to 75% for future retirees who say they have a written financial plan. Looking at all Canadians, 27% have a written financial plan versus 28% in 2012. When it comes to funding for retirement, the poll revealed a downward trend in the reliance on the traditional sources of income: 55% savings; 53% government; 50% RSP contributions and 47% work pension. Relying on inheritance to fund retirement also went down to 18% from 22% in 2012, as did selling one’s home (17% versus 22% in 2012) and income from investment property (12% versus 15% in 2012.) Similar to previous years, nearly six-in-ten (58%) future retirees expect to work after “officially” retiring from the workforce. The most common reason for continues to be the desire to remain mentally active (52%), followed by financial necessity (49%).
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Market Update for February 7 2014
The TSX closed at 13788, up 93 points or 0.68% over the past week. YTD the TSX is up 1.22%.
The DOW closed at 15794, up 95 points or 0.61% over the past week.YTD the DOW is down -4.72%.
The S&P closed at 1797, up 14 points or 0.79% over the past week.YTD the S&P is down -2.76%.
The Nasdaq closed at 4126, up 22 points or 0.54% over the past week.YTD the Nasdaq is down -1.22%.
Gold closed at 1267, up 21.00 points or 1.69% over the past week.YTD gold is up 5.23%.
Oil closed at 99.96, up 2.50 points or 2.57% over the past week.YTD oil is up 1.37%.
The USD/CAD closed at 1.104, down -0.0088 points or -0.79% over the past week.YTD the USD/CAD is up 3.84%.
Sources: Bloomberg; Investment Executive; advisor.ca; Scotiabank