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Market wrap May 5, 2017: Stocks buoyed by earnings, U.S. jobs
6/29/2017 5:10:28 AM
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By Fund Library News Wire  | Friday, May 05, 2017


 

By Mike Keerma

* Stocks buoyed by earnings, U.S. jobs.
* Middlefield merges funds.
* Desjardins adds to multifactor ETF lineup.


The major U.S. stock indices rallied late in the week, bouncing back from a mid-week slide, as market were buoyed by a 211,000 gain in U.S. non-farm payrolls in April and a 4.4% unemployment rate. The S&P 500 Composite Index edged up 0.6% on the week, while the Nasdaq Composite Index gained nearly 1%. Both benchmarks recorded record high closes on Friday as quarterly earnings continue to exceed expectations. Energy stocks rallied during the week, propelled by crude oil which rose on Friday following a report from Saudi Arabia that Russia will join Opec in curtailing production in an effort to shrink a global supply overhang that’s been keeping prices below US$50 per barrel. Toronto’s benchmark S&P/TSX Composite Index also rallied on Friday led by resource issues as msot commodity prices rallied late in the week. However, on the week, gold was still down -3.3% and crude oil slid -5.5%.

FUND NEWS

* Middlefield merges funds. Middlefield Group announced that its exchange-listed fund, U.S. Dividend Growers Income Corp. (TSX: US), will merge with its mutual fund Middlefield U.S. Dividend Growers Class on or about July 6, 2017, with the mutual fund being the continuing fund. In a release, Middlefield stated that the fund invests primarily in equity and fixed income securities focusing on U.S. issuers.

* Desjardins adds to multifactor ETF lineup. Desjardins Global Asset Management Inc. announced that it will launch new exchange traded funds to complement the multifactor-controlled volatility category. Its Desjardins Developed ex-USA ex-Canada Multifactor-Controlled Volatility ETF (TSX: DFD) began trading on May 3. The fund tracks the Scientific Beta Developed ex-USA ex-Canada Multifactor-Controlled Volatility Index, and invests primarily in international (ex-USA ex-Canada) stocks.

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

@FundLibrary – Follow Fund Library on Twitter for daily information and updates.

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© 2017 by Fund Library. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

 
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