Market week: Indices rally on U.S. jobs report
11/18/2018 10:08:55 AM
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By Fund Library News Wire  | Friday, November 02, 2018


 

Trade tension between China and the U.S. dominated the month in stock index performance, as all the major North American indices dropped more than 6% on the month overall in October. However, a surge in U.S. job creation in October, lifted the indices for the week.

Index

Nov. 2, 2018, close

Day

Week

Year to Date

Oct. 31, 2018

Oct. 2018

S&P/TSX Composite

15,119.28

-0.2%

1.55%

-6.72%

15,027.28

-6.51%

S&P 500 Composite

2,723.06

-0.6%

2.42%

1.85%

2,711.77

-6.94%

Nasdaq Composite

7,356.99

-1.0%

2.65%

6.57%

7,305.90

-9.20%

Gold (US$)

$1,234.80

-0.3%

-0.11%

-5.69%

$1,215.00

1.65%

Oil (WTI) (US$)

$62.83

-0.9%

-7.19%

3.99%

$65.31

-11.08%

Despite some volatility on Friday that saw stocks retreat on the day, the broad market gauges in both the U.S. and Canada held on to gains for the week, as the U.S. economy added an eye-watering 250,000 jobs in October, while the unemployment rate remained unchanged at 3.7%. Wages, however, rose 3.1% year-over-year, suggesting an exceptionally tight labour market, and the possibility of a more hawkish approach to rate hikes by the U.S. Federal Reserve in the coming months.

Apple Inc. (NASDAQ: AAPL) rattled the Nasdaq Composite Index on Friday, following its disappointing sales guidance for the fourth quarter as well as its decision to stop reporting unit sales. However, the Nasdaq gained 2.7% on the week, while the S&P 500 Composite rose 1.9%. Toronto’s S&P/TSX Composite gained 1.6% on the week, with strength in financials, industrials, and metals and mining. The energy sector was the big loser as the price of crude oil plunged 7.2% on the week.

FUND NEWS

* CI shuffles fund lineup. CI Investments announced that its Cambridge American Equity Fund (and its corporate class version) will be renamed CI American Equity Fund. Sentry Investment Management is taking over management of the two funds under veteran managers Aubrey Hearn and Jack Hall.

In addition, CI announced that Signature Asset Management has taken over management of CI Pacific Fund (and its corporate class version), which will be renamed Signature Asian Opportunities Fund, led by portfolio manager Matthew Strauss. Signature Tactical Bond Pool will be renamed Signature Core Bond Plus Fund.

The changes will be effective on Nov. 30.

* Horizons launches its first RI fund. Horizons ETFs Management announced the launch of its Horizons Global Sustainability Leaders Index ETF (TSX: ETHI), which tracks the Nasdaq Future Global Sustainability Leaders Index. In a release, Horizons says, “ETHI gives investors the opportunity to access a genuinely low-carbon-footprint and SRI-screened passive global investment portfolio.” Steve Hawkins, Horizons President and CEO, said “We believe ETHI provides a good balance between buying 100 of the world’s largest and most successful companies that have also demonstrated a key commitment to ethical and environmentally sustainable business practices.”

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.

Disclaimer

© 2018 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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