Market wrap April 13, 2017: Stocks, bond yields down on safe-haven search
7/27/2017 8:46:31 PM
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By Fund Library News Wire  | Thursday, April 13, 2017


 

Toronto’s benchmark S&P/TSX Composite Index closed Friday with a loss on both the day and the week. Bank and other financial stocks softened as falling bond yields got investors anxious about bank earnings. Canadian financial stocks followed the U.S. financial sector down, as investors south of the border digested earnings reports from the U.S. financial majors and weighed the impact of growing geopolitical tensions between Russia and the U.S., as well as military action in Syria, off the coast of North Korea, and in Afghanistan. The yield on 10-year U.S. Treasury bonds fell as investors sought safe haven ahead of the Easter long weekend. New York’s blue-chip S&P 500 Composite Index retreated 1.1% on the week, while the Nasdaq Composite Index closed down 1.2% week-over-week. Gold was the major beneficiary of the move to safe haven assets, gaining 2.6% on the week. Crude oil, meanwhile advanced 1.2% on the week owing mostly to geopolitical risk.

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