TSX RALLIES: FINISHES THE WEEK IN THE BLACK YEAR-TO-DATE

The S&P/TSX Composite eclipsed the 13,000 mark this week, and doing so, it dug its way out of the hole it had climbed into during January and February. The TSX is now in the black year-to-date. The TSX joins the New Zealand stock index as the only indexes world-wide with positive numbers year-to-date. At the closing bell, the TSX settled at 13,212.50.

The extended TSX rally and the strengthening Loonie have been fueled, unsurprisingly, by the continuing oil rally. Brent crude futures finished at $38.72 per barrel, and West Texas Intermediate futures closed at $35.92, both up more than 10% on the week, and both well above their 2016 lows of a month ago. The rally, however, is curious in that it is occurring in the face of record oil stockpiles.

Oil wasn’t the only driver of the TSX this week. Commodity prices have also enjoyed an increase, led by Gold. Gold is now in a bull market, as investors have flocked to the precious metal all year in hopes of finding safe haven. Gold finished the week at $1,262.60 per ounce.

The Loonie also enjoyed a strong week, buoyed by oil and resources. The Loonie finished the week just north of 75 cents against the Greenback, its highest level since mid-December, and around 10% higher than its late-January low of 68 cents.

U.S. jobs numbers data came back better than expected this week, offering some optimism south of the 49th parallel. Sentiment on the state of the U.S. economy were improved with this jobs report, at least in the short-term. The jobs news added to the rosy picture after reports major car manufacturers and construction industry stabilization was released earlier in the week.

Also earlier this week, China cut their reserve ratio requirement, freeing up an estimated $100-billion which can be used for lending purposes. This announcement was another piece of pleasantly surprising news, and had a positive effect on the markets.

 

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North America

The TSX closed at 13213, up 415 points or 3.24% over the past week. YTD the TSX is up 1.73%.

The DOW closed at 17007, up 367 points or 2.21% over the past week. YTD the DOW is down -2.40%.

The S&P closed at 2000, up 52 points or 2.67% over the past week. YTD the S&P is down -2.15%.

The Nasdaq closed at 4717, up 126 points or 2.74% over the past week. YTD the Nasdaq is down -5.79%.

Gold closed at 1262, up -4.00 points or 3.10% over the past week. YTD gold is up 19.17%.

Oil closed at 35.98, up 3.00 points or 9.10% over the past week. YTD oil is down -2.89%.

The USD/CAD closed at 1.332716, down -0.0192 points or -1.42% over the past week. YTD the USD/CAD is down -3.68%.

 

Europe/Asia

The MSCI closed at 1598, up 44 points or 2.83% over the past week. YTD the MSCI is down -3.91%.

The Euro Stoxx 50 closed at 3037, up 108 points or 3.69% over the past week. YTD the Euro Stoxx 50 is down -7.07%.

The FTSE closed at 6199, up 103 points or 1.69% over the past week. YTD the FTSE is down -0.69%.

The CAC closed at 4457, up 142 points or 3.29% over the past week. YTD the CAC is down -3.88%.

DAX closed at 9824, up 311.00 points or 3.27% over the past week. YTD DAX is down -8.55%.

Nikkei closed at 17015, up 827.00 points or 5.11% over the past week. YTD Nikkei is down -10.61%.

The Shanghai closed at 2874, up 107.00 points or 3.87% over the past week. YTD the Shanghai is down -18.79%.

 

Sources: Globe Advisor, Yahoo! Finance, Dynamic Funds