“Bad Weather Always Looks Worse Through a Window” – Unknown
Markets Continue To Rally
The S&P 500 extended its rally to the longest since June, 2014, as benchmark indexes added to all-time highs. Oil powered above $51 (U.S.) a barrel on signs producers are following through with agreed production cuts. The post-election rally in American equities plowed ahead even as the Federal Reserve looks certain to raise interest rates next week. Speculation that Donald Trump’s policies will boost the economy enough to withstand the effects of higher interest rates lifted consumer confidence to the most in almost two years. At the same time, the European Central Bank’s pledge to expand its limits on asset purchases to include shorter-dated securities is expected to drive down borrowing costs for banks. The Dow Jones industrial average rose 141.83 points, or 0.72 per cent, to 19,756.64, concluding a weekly gain of 3 per cent. The S&P 500 gained 13.34 points, or 0.59 percent, to 2,259.53, to cap a 3-per-cent rally in the week. The gauge closed at a record and is up 5.3 per cent since the Nov. 8 election. The Nasdaq Composite added 27.14 points, or 0.5 percent, to 5,444.50.
In Canada, the Toronto Stock Exchange’s S&P/TSX composite index extended a 19-month high as it rose 17.00 points, or 0.11 percent, to 15,312.20, notching a 1.7-per-cent gain on the week. It touched its highest intraday since May, 2015 at 15,339.04. Healthcare stocks gained 1.6 per cent while consumer staples add 0.7 per cent and utilities were up 0.5 per cent. Materials stocks fell 2.5 per cent. The Canadian dollar was trading at 75.82 cents (U.S.), up 0.08.
Viola Desmond First Canadian Woman On A Banknote
Viola Desmond, often described as Canada’s Rosa Parks for her 1946 decision to sit in a whites-only section of a Nova Scotia movie theatre, will be the first woman to be celebrated on the face of a Canadian banknote. Finance Minister Bill Morneau says Desmond will grace the front of the $10 bill when the next series goes into circulation in 2018.
The Bank of Canada’s independent advisory council said it was looking for nominees who overcame barriers, inspired others or left a lasting legacy. By every measure, Desmond fits that bill. A businesswoman turned civil libertarian, Desmond built a business as a beautician and, through her beauty school, was a mentor to young black women in Nova Scotia. It was in 1946 when she rejected racial discrimination by sitting in a whites-only section of a New Glasgow movie theatre. She was arrested and fined; her actions inspired later generations of black people in Nova Scotia and the rest of Canada.
The bank’s advisory council received more than 18,000 submissions during a public call for nominations earlier this year. It’s the first time a woman other than the Queen has been on the face of a Canadian banknote.
Sources: Bloomberg; Investment Executive; advisor.ca