“An investment in knowledge pays the best interest” – Benjamin Franklin
TSX Flat to Finish the Week
The Toronto Stock Exchange’s S&P/TSX composite index concluded the week on Friday with a 0.31-point rise to settle at 15,173.03. This finish represents a rise of 1.25% over last week’s finish at 14,985.32. Declines in energy and utilities weighed on the TSX, while the consumer discretionary/staples sector gained on the day.
5 of the main 10 sectors were up on the day, and 5 were down.
The Loonie was flat against the Greenback at 82.08 cents USD as of 2:27pm PST, a modest rise of 8 basis-points compared to last week’s finish of 82 cents even.
Light, Sweet Crude Oil Barrel futures dropped 6 cents USD to finish at $49.83 USD.
Gold dropped for the week – and on Friday, by $5.80 USD per ounce – to finish the week at $1,323.50 USD, down 2.0% from last week’s $1,351 USD finish.
Southern United States Pick Up the Pieces Following Hurricane Irma, Wall Street Continues Ascent
Tropical Storm Harvey and Hurricane Irma have now come and gone, and many Southern US states are picking up the pieces.
On Wall Street, the S&P 500 rose by 4.59 points (0.18%) to finish Friday just above the 2,500 mark at 2,500.21. The Dow Jones Industrial Average (DJIA) rose by 0.29% to 22,268.34. The NASDAQ also posted a gain on the day, rising 19.38 points (0.3%) to finish at 6,448.47.
All three of the NASDAQ, the DJIA and the S&P 500 hit all-time intraday highs on Friday.
Wall Street appeared somewhat indifferent to reports of a drop in US retail sales – at least partially due to the two storms battering the southern states – as well as a drop in industrial output, the first since January. Indeed, US stocks have shrugged off multiple potential economic headwinds in 2017, including rising rates, tropical storms, political turmoil in the White House, President Trump’s seeming inability to pass largely pro-Republican key items of interest (such as Healthcare reform), and of course, North Korea.
North Korea Tests Another Missile Over Japan, Wall Street Indifferent
The North Koreans testfired yet another missile over Japan. The missile test was the second in as many weeks. However, while global leaders have been quick to denounce the North Koreans’ aggressive posturing, the US markets continue to hum, with focus more squarely on the Federal Reserve’s coming meeting next week (on September 19th & 20th).
Sources: Globe Advisor, Advisor.ca