“Tax Increases Should Only Apply To People Who Make More Than You” -Terry Broaders
Oil Price Outlook Sparks Stock Market Rallies in Toronto, New York
North American stock markets rallied and the loonie neared 76 cents US Friday after an optimistic outlook for oil prices suggested they may have already reached their lowest point. The loonie hit a morning peak of 75.93 cents US — up a full cent from Thursday’s close — but later fell back to close up 0.65 of a U.S. cent at 75.58 cents US.
The currency’s strength came despite a Statistics Canada report that the national unemployment rate had risen to a three-year high in February. A jump in oil prices helped boost the commodity-sensitive loonie.
The April contract for benchmark North American crude rose 66 cents to US$38.50 a barrel after the International Energy Agency said there are signs that prices may have “bottomed out” after having hit a 13-year low of $26.21 exactly one month ago. On the Toronto Stock Exchange, the S&P/TSX composite index closed up 142.86 points at 13,522.00. The TSX posted its third consecutive weekly advance, finishing 2.3% higher than last week’s close. Stocks on Wall Street capped a four-week rally. In New York, the S&P 500 gained 32.62 points to 2,022.19, while Dow Jones industrial average soared 218.18 points to 17,213.31 and the Nasdaq rose 86.31 points to 4,748.47.
Canadians Aren’t Planning For Travel Insurance
Only 26% of Gen Y list travel insurance as one of the items they’d definitely pack when travelling, finds an RBC Insurance survey. Instead, young travellers are more likely to remember to bring items such as their electronic devices (69%) and medication (38%).
Further, 43% of Canadian travellers have experienced at least one unwanted travelling scenario while on vacation, with 16% finding themselves in the lost luggage office and 15% having to make a stop at a local hospital or doctor’s office.
Here are some tips for travellers.
Keep a photocopy of your passport, insurance policy and all other important documents in a safe place that’s separate from the originals.
Provide a family and friends with a copy of your itinerary. It will help reduce their worries and provide assistance if you get lost or delayed. You should also leave a contact number so they can get a hold of you in case of emergency.
Ensure you understand what your policy does and does not cover.
Weekly Market Wrap Up as of March 11 2016
The TSX closed at 13522, up 309 points or 2.34% over the past week. YTD the TSX is up 4.11%.
The DOW closed at 17213, up 206 points or 1.21% over the past week. YTD the DOW is down -1.22%.
The S&P closed at 2022, up 22 points or 1.10% over the past week. YTD the S&P is down -1.08%.
The Nasdaq closed at 4749, up 32 points or 0.68% over the past week. YTD the Nasdaq is down -5.15%.
Gold closed at 1252, down 38.00 points or -0.79% over the past week. YTD gold is up 18.22%.
Oil closed at 38.47, up 2.49 points or 6.92% over the past week. YTD oil is up 3.83%.
The USD/CAD closed at 1.323333, down -0.0094 points or -0.70% over the past week. YTD the USD/CAD is down -4.36%.
The MSCI closed at 1597, down -1 points or -0.06% over the past week. YTD the MSCI is down -3.97%.
The Euro Stoxx 50 closed at 3074, up 37 points or 1.22% over the past week. YTD the Euro Stoxx 50 is down -5.94%.
The FTSE closed at 6140, down -59 points or -0.95% over the past week. YTD the FTSE is down -1.63%.
The CAC closed at 4493, up 36 points or 0.81% over the past week. YTD the CAC is down -3.11%.
DAX closed at 9831, up 7.00 points or 0.07% over the past week. YTD DAX is down -8.49%.
Nikkei closed at 16939, down -76.00 points or -0.45% over the past week. YTD Nikkei is down -11.01%.
The Shanghai closed at 2810, down -64.0000 points or -2.23% over the past week. YTD the Shanghai is down -20.60%.
Sources: Bloomberg; Investment Executive; advisor.ca,