“The Secret of Getting Ahead Is Getting Started” – Mark Twain
Marklets Move Higher On Energy
The North American stock markets pushed ahead Friday amid strength in metals and mining and energy issues. Toronto’s S&P/TSX composite index reversed an early decline that followed at weak U.S. jobs report to rise 97.85 points to 13,339.74. According to the U.S. Labor Department, employers added 142,000 workers in September, a much lower figure than the 200,000 anticipated on Wall Street. The jobs report sent U.S. government bond prices higher, which drove down the American dollar against most other major currencies. That included the loonie, which rose 0.52 of a U.S. cent to 75.96 cents. In New York, the Dow Jones industrial average rose 200.36 points to 16,472.37, while the broader S&P 500 added 27.54 points to 1,951.36 and the NASDAQ gained 80.70 points to 4,707.78. On commodity markets, the November contract for benchmark crude oil advanced 80 cents to settle at US$45.54 a barrel, while the December gold contract up $22.90 to US$1,136.60 an ounce.
Tax Preparer Extradited To Canada For Fraud
Canada has extradited a former tax preparer from Italy to serve a 10-year sentence for tax fraud, CRA says. Doreen Tennina arrived in Canada September 4, and is now in custody. On May 31, 2013, Tennina was found guilty in an Oshawa, Ont. Superior Court of 2 counts of fraud over $5,000 and was sentenced in absentia to 10 years in jail on each count. Tennina, used to prepare taxes in Vaughan, Ontario. She fraudulently claimed carrying charges and charitable donations totaling $58,500,000 in 4,200 tax returns prepared on behalf of her clients from 2003 to 2005. The false claims reduced the amount of federal taxes owed by over $10 million. She was also ordered to pay a fine of $699,608 for failing to report income received from the tax evasion scheme, according to the court. Taxpayers who claim false expenses, credits or rebates from the government are subject to serious consequences. They are liable not only for corrections to their tax returns and payment of the full amount of tax owing, but also to penalties and interest. In addition, if convicted of tax evasion, the court may impose jail time and fine them up to 200% of the tax evaded..
Market Update as of October 2 2015
The TSX closed at 13326, down -53 points or -0.40% over the past week. YTD the TSX is down -9.68%.
The DOW closed at 16472, up 157 points or 0.96% over the past week. YTD the DOW is down -7.63%.
The S&P closed at 1951, up 20 points or 1.04% over the past week. YTD the S&P is down -5.20%.
The Nasdaq closed at 4708, up 21 points or 0.45% over the past week. YTD the Nasdaq is down -0.40%.
Gold closed at 1137, down -9.00 points or -0.79% over the past week. YTD gold is down -2.99%.
Oil closed at 45.61, up 0.05 points or 0.11% over the past week. YTD oil is down -13.44%.
The USD/CAD closed at 1.316072, down -0.0166 points or -1.24% over the past week. YTD the USD/CAD is up 12.15%.
The MSCI World closed at 1588, up 1.00 Points or 0.04% over the past week. YTD the MSCI World is down -7.12%.
The Euro Stoxx 50 closed at 3088, down 25.00 points or -0.80% over the past week. YTD the Euro Stoxx 50 is down 1.85%.
The FTSE closed at 6130, up 21.00 points or 0.34% over the past week. YTD the FTSE is down -6.64%.
The CAC closed at 4459, down 22.00 points or -0.49% over the past week. YTD the CAC is up 4.36%.
The DAX closed at 9553, down 136.00 points or -1.40% over the past week. YTD the DAX is down -2.57%.
The Nikkei closed at 17725, down 156.00 points or -0.87% over the past week. YTD the Nikkei is up 1.57%.
The Shanghai closed at 3053, down 39.00 points or -2.03% over the past week. YTD the Shanghai is down -5.62%.
Sources: Bloomberg; Investment Executive; advisor.ca