“Try not to become a (wo)man of success. Rather become a (wo)man of value” – Albert Einstein
TSX Hits 7-1/2-Month High on Rising Commodity Prices
The Toronto Stock Exchange’s S&P/TSX composite index rose by 64.97 points (0.41%) on the day to close at 15,807.17. This represents a gain of 78.85 points (0.50%) over last week’s 15,728.32 finish.
Gains were driven primarily by commodities & resources, with helpful assists from telecoms & financials.
Gold rose by about $20 USD per ounce week-over-week, boosted by a Friday gain of $9.60 per ounce, to finish the week at $1,306.10 per ounce.
Encouraging Chinese import data, as well as tensions in the Middle East – and President Trump’s ominous tones regarding the Iran Nuclear Deal – all played a part in driving oil prices. Brent crude jumped nearly a dollar per barrel to settle at $57.17 (USD) per barrel.
The Loonie rose 27 basis-points for the week, rising from an even 80 cents (USD) to 80.27 cents.
NASDAQ Hits Another Record High; S&P 500 and Dow Jones Industrial Average All Gain on the Week
NASDAQ struck another record high on Friday, as technology sector shares experienced healthy gains. Settling at 6,605.80, the NASDAQ saw a weekly increase of 0.24%.
The S&P 500 and the Dow Jones Industrial Average also enjoyed gains week-over-week, with 0.15% and 0.43% jumps, respectively. The S&P 500 finished Friday up 2.24 points (0.09%) at 2,553.17; meanwhile, the Dow Jones Industrial Average rose by 30.71 points (0.13%) to settle at 22,871.72.
Retail sales numbers for September experienced their highest jump in nearly 3 years, helping push indices higher. Residual demand for consumer goods on the heels of Hurricane’s Harvey and Irma also pushed prices higher, helping markets.
Sources: Globe Advisor