Market week: Indexes edge down
COVID-19 rages in U.S., geopolitical tensions rise
The main North American stock market indexes edged back on the week, as COVID-19 cases surged in the U.S. and investors sold off high-flying technology issues. In addition, tensions between the U.S. and China escalated, after the U.S. demanded on Wednesday that China close its consulate in Houston, Texas amid allegations of theft of intellectual property. China retaliated with an order to close the U.S. consulate in the Western Chinese city of Chengdu.
Technology shares fell on Friday after microchip-maker Intel Corp. (NSD: INTC) announced that there would be a delay in the release of its next generation of chips and that it may seek an outside manufacturer to carry out production. The technology-weighted Nasdaq Composite Index fell 2.4% on the week, while the S&P 500 Composite Index dropped 0.3%.
In Canada, the S&P/TSX Composite Index closed flat on the week, as gold rallied 4.9% on the week, and crude oil gained 1.9%. Investor sentiment was also buoyed by a 0.7% year-over-year rise in consumer prices in June, indicating an increase in consumer spending as the economy began to re-open.
Fund news and updates
* IA Clarington launches active bond funds. IA Clarington Investments Inc. announced on July 20 the launch of two actively managed fixed-income products:
IA Clarington Loomis Global Multisector Bond Fund, sub-advised by Loomis, Sayles & Company, provides actively managed, diversified exposure to the full range of income opportunities and the flexibility to adapt to changing market conditions.
IA Wealth Enhanced Bond Pool, managed by iA Investment Management Inc. offers the same core fixed-income exposure as the IA Wealth Enhanced Bond Pool complemented with diversified exposure to non-traditional fixed income.
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