Markets experienced a good week as the S&P 500 hit the $1431 mark (closed at $1437 on Friday), its highest point in more than four-and-a-half years.  After seven years of underperformance, the US index outperformed the TSX by around 10% in 2011, and year to date is up 14.31% compared to 2.62% for the TSX.

The big moves were triggered by the ECB plan to buy unlimited quantities of short-term government bonds from struggling euro zone nations – as long as those nations ask for financial assistance.

On Friday, The U.S. Labor Department reported that employers added just 96,000 jobs in August, far below economist predictions of $130,000.  The poor job figures fuelled talks of another round of U.S. stimulus.  The unemployment rate fell from 8.3 to 8.1 per cent, but economists explained that this was largely due to people giving up looking for work and thus removing them from the jobless pool.

Statscan also released job figures, announcing that the economy created 34,300 jobs in August, surpassing expectations.  The unemployment rate remained unchanged at 7.3 per cent

Rising commodity prices pushed the dollar half a cent higher to $102.24

Source:, Financial Post

Market Recap (as of September 7, 2012)

  • The TSX closed at 12268, up 2.67% over the past week. YTD the TSX is up 2.62%.
  • The DOW closed at 13307, up 1.65% over the past week.YTD the DOW is up 8.91%.
  • The S&P closed at 1438, up 2.20% over the past week.YTD the S&P is up 14.31%.
  • The Nasdaq closed at 3136, up 2.25% over the past week.YTD the Nasdaq is up 20.38%.
  • Gold closed at 1739, up 2.90% over the past week.YTD gold is up 11.12%.
  • Oil closed at 98.16, up 0.67% over the past week.YTD oil is down -0.75%.
  • The USD/CAD closed at 0.9772, down -0.0103 points or -1.04% over the past week. YTD the CAD/USD is down -0.27%.