“There’s No Such Thing As Bad Publicity, Except Your Own Obituary” -Brendan Behan
Markets Continue Rise On More Good News
The markets closed higher Friday as Canadian and U.S. jobs reports blew past expectations. The S&P/TSX composite index rose 9 points to 12,835. The market performance came at the end of a strong week where a series of all-time highs on the Dow industrials contributed to the general feel-good factor across all financial markets. The Canadian dollar got a bigger boost Friday from the jobs reports, gaining 0.2 of a cent to 97.34 cents US. Statistics Canada reported that the economy created 50,700 jobs compared with the approximately 8,000 jobs that economists had expected. The country’s unemployment rate stayed steady at 7% as more people entered the workforce to seek jobs. Economists had expected a small increase.
U.S. indexes were higher as the Labour Department reported that the United States cranked out 236,000 jobs, also far more than expected, pushing the U.S. unemployment rate to 7.7% from 7.9%. The Dow Jones industrials gained 67 points to 14,397 after hitting a record closing high Thursday for a third straight session. The Nasdaq was up 12 points to 3,244 and the S&P 500 index was ahead 7 points to 1,551. There was also positive news from the world’s second-biggest economy. China’s exports surged 21.8% last month, well ahead of analysts’ expectations of single-digit growth as companies shut down for the Lunar New Year holiday.
Market Update as of March 8 2013
The TSX closed at 12835, up 62 points or 0.49% over the past week. YTD the TSX is up 3.34%.
The DOW closed at 14397, up 307 points or 2.18% over the past week.YTD the DOW is up 9.86%.
The S&P closed at 1551, up 33 points or 2.17% over the past week.YTD the S&P is up 8.77%.
The Nasdaq closed at 3244, up 74 points or 2.33% over the past week.YTD the Nasdaq is up 4.95%.
Sources: Bloomberg; globeadvisor; Investment Executive