“Turn Your Face To The Sun And The Shadows Fall Behind” -Charlotte Whitton



Employment Data Hurts TSX

The Toronto stock market was lower Friday as weak U.S. jobs data added to worries that the global economy is slowing faster than previously thought.  The TSX/S&P composite index fell 138 points to 11,678 as the U.S. Labor Department reported that the American economy only managed to crank out 80,000 jobs last month, below already modest expectations for 90,000 positions. “It’s more than the jobs report,” said Patrick Blais, managing director and portfolio manager at Manulife Asset Management.  “A number of items are coming to the forefront: European challenges seem to be resurfacing, Spanish bond yields moved and the market is coming to the realization that global growth will be significantly lower than expected. The Canadian dollar was down 0.41 of a cent to 98.17 cents US as traders also took in tepid domestic job creation figures from Statistics Canada. The agency said 7,300 jobs were added in June, slightly better than the limited gain that had been expected. The Dow Jones industrials dropped 154 points to 12,742.  The Nasdaq composite index lost 42 points to 2,933 and the S&P 500 index was off 15 points to 1,352.

Even before the jobs reports, markets had already been set for a weak session after International Monetary Fund Managing Director Christine Lagarde said Friday that the IMF is cutting its forecast for global economic growth in a quarterly assessment to be released later this month.  Growth in most major economies has showed signs of slowing in recent months, partly due to Europe’s chronic debt crisis and economic malaise.


Market Update as of July 6 2012

The TSX closed at 11660, up 63 points or 0.54% over the past week. YTD the TSX is down -2.47%.

The DOW closed at 12772, down -108 points or -0.84% over the past week.YTD the DOW is up 4.53%.

The S&P closed at 1355, down -7 points or -0.51% over the past week.YTD the S&P is up 7.71%.

The Nasdaq closed at 2937, up 2 points or 0.07% over the past week.YTD the Nasdaq is up 12.74%.

Gold closed at 1584, down -14.00 points or -0.88% over the past week.YTD gold is up 1.21%.

Oil closed at 84.17, down -0.59 points or -0.70% over the past week.YTD oil is down -14.89%.

The USD/CAD closed at 0.9825, down -0.0003 points or -0.03% over the past week.YTD the CAD/USD is up 0.28%.


6 Stupid Things To Do With Your Money

How A Budget Can Help You Enjoy Life

Want To Make Money ?

DayCare Poor With Little To Save ?


Source: Bloomberg,  Advisor.ca,  U.S. Labor Department