“Voting is as much an emotional act as it is an intellectual one” – Monica Crowley
North American Markets Down Friday, Up for the Week
On Tuesday, Americans went to the polls and cast their ballots for the 2018 Mid-Term Elections. Analysts’ predictions of a Democratic House of Representatives and a Republican Senate held true, with the Republicans clinching 51 of 100 Senate seats and the Democrats securing 225 of 435 House seats as of this writing.
Investor response to the election results was positive Wednesday as equity markets rose, but with the Democrats now able to exert some force on President Trump’s next budget (and thus, possibly ruling out further tax cuts), the Greenback and Treasury yields retreated.
Thursday saw the Federal Reserve hold their key rate steady, not unsurprising given the recent market pullbacks that we’ve discussed at length.
Global growth concerns weighed on markets Friday to close out the week; however, the major North American indexes all finished the week higher than they started, a positive sign to be sure.
It is important to remember that investment decisions should not be made in response to election results. Fundamentals will drive markets in the long-term. The impact of interest rates, economic growth, trade policy and corporate earnings all tend to outweigh election results.
In the short-term, elections are just noise.
Lastly, stock markets have generally performed positively following U.S. Mid-Term elections, even in cases where House/Senate majorities traded hands from one party to the other.
Wealthview Secure Online Portal Undergoing Maintenance
Be advised that the Wealthview secured online portal will be down for maintenance starting today, November 9th at 5:00pm PST (8:00 EST), and will resume normal operations on Monday November 12th at 3:00am PST (6:00am EST).
You will be unable to log on to the portal during this maintenance period.
Canada Post’s 24-Hour Rolling Strikes Continue
The Canadian Union of Postal Workers (CUPW) and Canada Post’s rotating strikes continue.
Strike action is isolated to specific locations for 24 hours, and after the 24-hour period, service resumes. Canada Post will continue regular service for all other unaffected areas during this time.
We’d like to remind you that if you currently receive statements by mail, you may experience a short delay. You may wish to consider switch to e-statement delivery of you Fundex statement.
You can opt for e-delivery in your Fundex Wealthview account settings or by e-mailing JoAnne at [email protected].
Sources: TD Bank
This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.