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Showing posts from November, 2014

November 29, 2014 – Weekend Market Comment

November 29, 2014 – The Toronto stock market extended its losses Friday as energy stocks continued to sell off in the wake of a collapse in oil prices while miners and copper prices fell heavily on Chinese economic concerns.

The S&P/TSX composite index dropped 177.74 points to 14,744.70 on top of a 116-point slide Thursday after the OPEC oil cartel opted to leave its daily output unchanged at 30 million barrels a day, rejecting intense lobbying by some of its 12 members to cut production to put a floor under prices.

American markets had been closed for U.S. Thanksgiving on Thursday. But on Friday, the January crude contract on the New York Mercantile Exchange plunged $7.54 from Wednesday’s closing price to a five-year low of $66.15 (U.S.) a barrel and sending the TSX energy sector down 2.25 per cent.  The S&P 500 Energy Sector entered bear market territory with a plunge of more than 6 percent, the biggest since August 8, 2011 following the S&P downgrade of the U.S. credit…

November 22, 2014 – Weekend Market Comment

November 22, 2014 – U.S. stocks ended the week at highs as markets rallied on overseas central banks' stimulus efforts and an encouraging domestic outlook.

Early on Friday, China's central bank made its first interest rate cut in more than two years and the European Central Bank took action to stimulate the economy. 

In a surprise move after the close of the Shanghai exchange for the week, the People's Bank of China cut its benchmark interest rates on Friday for the first time in more than two years to lower borrowing costs and lift a cooling economy back on track. The one-year benchmark lending rate has been trimmed by 40 basis points to 5.6 percent.

The Dow Jones Industrial Average closed at a record for the 28th time this year but failed to regain the intraday record it set in the morning of a more than 170-point gain, with most blue chips trading higher. The S&P also lost some of its early gains in its 45th record close for the year, with the materials sector continui…

November 16, 2014 – Weekend Market Comment

November 16, 2014 – U.S. stocks were little changed on Friday, with the S&P 500 rising a fraction of a point to notch another record, as investors tracked the price of oil and after October retail sales rose 0.3 percent, just above expectations, along with a November jump in consumer confidence.

Up 0.4 percent from the week-ago close, the Dow Jones Industrial Average dropped 18.05 points, or 0.1 percent, to 17,634.74 on Friday. Also tallying a 0.4 percent weekly gain, the S&P 500 rose a fraction to 2,039.82, lifting it to a record finish, with consumer staples the worst performer and energy the best among its 10 industry groups. The Nasdaq advanced 8.40 points, or 0.2 percent, to 4,688.54, up 1.2 percent from last Friday's finish. All three indexes advanced for a fourth week, with the S&P 500 up just over 10 percent for the year. For every seven shares falling, roughly eight rose on the New York Stock Exchange, where almost 705 million shares traded. Composite volume su…