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Weekly wrap July 28, 2017: U.S., Canada GDP grow, but stocks remain unimpressed
12/13/2017 7:22:45 PM
HOME : FEATURES : COLUMNS : Weekly wrap July 28, 2017: U.S., Canada GDP grow, but stocks remain unimpressed
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By Fund Library News Wire  | Friday, July 28, 2017


 

By Mike Keerma

The major U.S. and Canadian stock indices remained about flat on the week, despite surging Canadian GDP growth in May, a strong second-quarter reading on U.S. economic growth, and a stand-pat interest rate announcement by the U.S. Federal Reserve. Toronto’s benchmark S&P/TSX Composite Index edged down -0.4% on the week, even though both gold and crude oil made gains, with crude oil advancing 9% from last week’s close. New York’s blue-chip benchmark S&P 500 Composite Index remained flat on the week, while the Nasdaq Composite Index edged down a minuscule -0.2%.

Canadian GDP reversed softer growth in March and April, gaining 0.6% in May, growing at a 4.6% year-over-year pace, driven by increasing output in the energy, mining sectors, and financial services sectors.

U.S. GDP grew 2.6% in the second quarter from the first, for a 2.1% year-over-year growth rate. The strong showing was led by a 2.8% surge in household spending, fed by strong job-creation, low unemployment, and continuing soft inflationary pressures.

The Federal Reserve Board’s Open Market Committee, meanwhile, kept its federal funds rate unchanged at a target 1.0%-1.25% on Wednesday. The Fed indicated, however, that it was still proceeding with its plans for monetary tightening, saying it plans to implement its “balance sheet normalization program relatively soon” by shedding some of its Treasury bond and mortgage-backed security holdings.

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

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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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