“A successful man is one who can lay a firm foundation with the bricks others have thrown at him” – David Brinkley
Toronto Stock Exchange and Wall Street Finish June on the Upswing
The S&P/TSX Composite rode gains in the discretionary sector to a 74.47-point gain on Friday, finishing June at 16,382.20. April GDP data showed that Canada’s economy grew by 0.3% in April, mostly on the back of mining and oil & gas extraction.
The Canadian Dollar rallied to 76.41 cents USD, which represents a four-month high.
South of the 49th parallel, Wall Street clinched its best June in decades – with the S&P 500 posting a monthly increase of 6.87%, its strongest June since 1955, and the Dow Jones jumping 7.18% for its best June since 1938. The S&P 500 is now up 17% for the first half of 2019, its largest first-half jump since 1997.
The US and China agreed to a trade truce ahead of the upcoming trade-talks expected to take place between Presidents Trump and Xi at the G20 in Japan.
All of the Nasdaq, the Dow Jones Industrial Average, and the S&P 500 closed in positive territory for the week, the month, the second quarter, and the first half of the year. During this time, the US markets have rallied from the Q4 2018 pullback.
Gold closed at $1,413.70USD per ounce and oil closed at $58.47USD per barrel.
Economic data for May showed further logic for a Federal Reserve rate cut in July, as consumer spending and prices both edging higher. A rate-cut would likely lead markets further upward.
Sources: Yahoo! Finance, Globe Investor
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