“The Nice Thing About Christmas Is That You Can Make People Forget The Past With A Present” – Anonymous
TSX Rises Wall Street Falls Following Fed Rate Hike
Canada’s benchmark stock index rose on Friday as higher oil prices helped heavyweight energy stocks and gold miners recovered as the price of the precious metal steadied. The Toronto Stock Exchange’s S&P/TSX composite index closed up 33.89 points, or 0.22 per cent, at 15,252.20. The Canadian dollar closed slipped to trade at 74.88 cents (U.S.).
On Wall Street, U.S. stocks fell on Friday, weighed by a more than 4-per-cent drop in Oracle shares, while recently-battered stocks in the real estate and utilities sectors posted the largest gains. The Dow Jones industrial average fell 8.32 points, or 0.04 per cent, to 19,843.92, unable to move above the 19,900 level. The S&P 500 lost 3.97 points, or 0.18 per cent, to 2,258.06 and the Nasdaq Composite dropped 19.69 points, or 0.36 per cent, to 5,437.16. The dollar and U.S. stocks dipped on Friday, taking a breather after this week’s big moves after the U.S. Federal Reserve signalled a faster pace of U.S. interest rate increases next year. World stocks as measured by the MSCI world equity index, which tracks shares in 46 countries, were up slightly. Oil prices jumped as producers showed signs of adhering to a global deal to reduce output. Brent crude futures were trading at $55.20 per barrel, up 2.2 per cent, while U.S. crude was up 1.8 per cent at $51.83.
Working With A Financial Planner Is Key To Retirement Satisfaction, Study Finds
The vast majority of retired Canadians who have worked with a financial planner for at least a decade are confident they have enough funds to sustain them through retirement, according to a new study from Credential Financial Inc. and Insights West, both based in Vancouver. The report, Canadians on Retirement, finds that 53% of retired Canadians have worked with a financial planner and 77% of individuals within this group are happy with the level of funding they have for their retirement years. In addition, approximately two-thirds (65%) of those who have had the guidance of a financial planner say their retirement is “everything they thought it would be.”
However, there are still a significant percentage (30%) of working Canadians who have not yet set aside any money for retirement, according to the report. “Data further shows this lack of preparation may stem from a belief that working Canadians believe they have longer to plan for retirement than they actually do. Sixty-two per cent of Canadian retirees say they retired earlier than expected,” the report states. In fact, 18% of Canadians are actually working in their retirement years so that they can continue to earn an income and 30% of those in retirement have more debt than they had anticipated.
Sources: Bloomberg; Investment Executive; advisor.ca