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Weekly market wrap Nov. 3, 2017: Apple drives U.S. market gains, oil boosts Canada benchmark
11/21/2017 10:23:40 AM
HOME : FEATURES : COLUMNS : Weekly market wrap Nov. 3, 2017: Apple drives U.S. market gains, oil boosts Canada benchmark
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By Fund Library News Wire  | Friday, November 03, 2017


 

* Apple drives U.S. market gains, oil boosts Canada benchmark.
* Horizons launches AI-powered ETF.
* Fidelity debuts innovation-focused fund.


* Apple drives U.S. market gains, oil boosts Canada benchmark.
The major North American stock indices logged another week of gains, with Canada’s benchmark S&P/TSX Composite Index advancing 0.4% on the week, boosted by a 3.2% jump in the price of crude oil, settling near a two-year high of US$55.71 per barrel on Friday. U.S. stock indices basked in the halo effect of estimate-beating quarterly earnings from current market monster Apple Inc. (NASDAQ: AAPL), which surged 2.6% on Friday, nearing a market capitalization of US$900 billion. The S&P 500 Composite Index gained 0.3% on the week, while the Nasdaq Composite Index rose 1%, for a 26% advance in the year to date. Sentiment was further boosted by the U.S. October payroll report, which showed 261,000 new jobs added in the month, and a dip in the unemployment rate, to 4.1% from 4.2% in September. And the appointment of Jerome Powell as the new chairman of the Federal Reserve to replace Janet Yellen at least came as no surprise.

FUND NEWS

* Horizons launches AI-powered ETF. Horizons ETFs Management (Canada) Inc. announced the debut of its Horizons Active A.I. Global Equity ETF (TSX: MIND), which it said in a release is the first global equity-focused ETF in the world to use artificial intelligence for all security selection decisions. The fund’s objective is to provide actively managed exposure to global equity indices by primarily using North American ETFs in an investment strategy entirely run by an artificial intelligence system that monitors more than 50 investment metrics to analyze patterns and make investment decisions.

* Fidelity debuts innovation-focused fund. Fidelity Investments Canada launched its Fidelity Global Innovators Class that uses a flexible equity strategy focused on investing in innovative and disruptive companies anywhere in the world and across the market-cap spectrum. The fund is managed by Fidelity portfolio manager Mark Schmehl.

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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