Market week: Stocks rally to make gains on the week

07-23-2021
Market week: Stocks rally to make gains on the week

Dow Jones Industrial Average crosses record 35,000

 

Following a steep selloff on Monday, the major North American stock market indexes surged back with strong gains through the rest of the week, as the gauges finished the week back at or near their record highs. The Dow Jones Industrial Average closed above 35,000 for the first time on Friday, a psychological milestone helping boost already-bullish sentiment even more. Following Monday’s market rout, investor anxieties about the impact of the Covid Delta variant on economic recovery eased somewhat, while positive second-quarter corporate earnings results lifted spirits even more. Growing ad revenues helped push information technology companies like Facebook and Twitter higher, giving a boost to the big indexes simply by virtue of their size. The S&P 500 Composite Index gained 2% on the week as a result, while the technology-heavy Nasdaq Composite Index closed the week up 2.8%.

In Canada, a 4.4% increase in retail sales in June pointed to a recovery in Canada’s retail sector, while a 9.5% weekly gain in the information technology sector helped lift the S&P/TSX Composite Index to a 1.0% week-over-week advance. Crude oil gained 1.0% on the week, while gold edged down 0.6%.

Fund news

* CIBC launches actively managed suite of RI ETFs: CIBC Asset Management Inc. on July 19 debuted a new ETF Series of CIBC Sustainable Investment Solutions, providing access to actively managed strategies designed for socially responsible investors. The ETFs aim for a lower carbon footprint and energy sector exposure than broad market indexes. The managers positive sector screening for companies involved in the renewable energy space and green bonds. Utilizing CIBC Asset Management’s proprietary ESG analysis and portfolio construction methodology in conjunction with customized screening from Sustainalytics.

CIBC Sustainable Canadian Core Plus Bond Fund (NEO: CSCP)
CIBC Sustainable Canadian Equity Fund (NEO: CSCE)
CIBC Sustainable Global Equity Fund (NEO: CSGE)
CIBC Sustainable Conservative Balanced Solution (NEO: CSCB)
CIBC Sustainable Balanced Solution (NEO: CSBA)
CIBC Sustainable Balanced Growth Solution (NEO: CSBG)

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