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Weekly market wrap July 6, 2018: Jobs data buoy stock indices for gains on the week
7/18/2018 4:25:22 AM
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By Fund Library News Wire  | Friday, July 06, 2018


 

By Mike Keerma

The U.S. economy added 213,000 new jobs in June, beating consensus expectations and underpinning positive market performance for the week. Together with an unemployment rate of just 4%, the pace of job creation indicates strong underlying economic growth, as wage pressures remain contained. Economic fundamentals overshadowed fresh anxieties over President Donald Trump’s imposition of billions of dollars in new tariffs on Chinese goods, with countervailing tariffs imposed by China. The S&P 500 Composite advanced 1.5% on the week, while the Nasdaq Composite Index gained 2.4%. The Canadian economy added 31,800 new jobs in June, with the unemployment rate holding steady at 5.8%. The strong jobs data suggest that the Bank of Canada will hike its key lending rate, following in lock-step with the U.S. Federal Reserve’s rate hike last month. Toronto’s S&P/TSX Composite Index gained 0.6% on the week, with financials, energy, and telecommunications issues providing support to the market. Crude oil backed off 0.7% on the week, while gold held steady, just above breakeven.

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

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