“Beware of little expenses; a small leak will sink a great ship” – Benjamin Franklin
TSX Drops to End Week
The Toronto Stock Exchange’s S&P/TSX composite index ended Friday down 20.17 points, or 0.13% to finish the week at 15,055.99. For the week, the TSX was up 0.7% for the week.
The Loonie rose by 31 basis points to finish the week a nose above 80 cents at 80.18 cents to the Greenback; for the week, the Loonie rose by nearly a penny.
West Texas Intermediate (WTI) rose by 44 cents (USD) to finish at $47.86 per barrel, as Hurricane Harvey moves through the Gulf of Mexico and toward a touchdown in Texas. It was recently upgraded to a category 4 storm.
Gold rose to $1,296.50 USD per ounce on Friday, a rise of $4.50 per ounce on the day. It has been, along with many markets, relatively flat over the last few weeks.
U.S. Markets See Slight Rise on Friday
Federal Reserve Chair Janet Yellen spoke this week but stayed quiet about a potential rate increase. Her speech, at the annual meeting of central bankers in Jackson Hole, Wyoming, gave no hints at the potential timing of a future rate hike.
U.S. Treasury yields dropped lower following Yellen’s speech.
Analysts expect President Trump to turn his attention toward another of his key agenda items: tax reform. This expectation helped to move U.S. markets higher.
The Dow Jones Industrial Average (DJIA) closed with a 30.27 point (0.14%) rise at 21,813.67.
The Standard & Poors 500 (S&P500) rose 4.08 points on Friday, 0.17%, to close at 2,443.05.
The NASDAQ was down 5.68 points on Friday, dropping 0.09% down to 6,265.64.
Sources: Thomson Reuters DataStream, Globe Advisor, BNN