Market week: U.S. stocks post weekly gain, strong Q3

10-02-2020
Market week: U.S. stocks post weekly gain, strong Q3

Pressured by falling crude oil, S&P/TSX stays flat

 

The major North American stock indexes lost ground on Friday, as the U.S. added a disappointing 661,000 new jobs in September, while the unemployment rate fell to 7.9%. Market sentiment was also shaken on Friday by news that U.S. President Donald Trump had tested positive for Covid-19 and is now in quarantine receiving an experimental coronavirus treatment developed by pharmaceutical firm Regeneron Pharmaceuticals Inc. (NASDAQ: REGN). For the week, the big U.S. indexes still gained ground, with both the S&P 500 Composite Index and the Nasdaq Composite Index advancing 1.5%.

Canada’s gross domestic product grew 3% in July, with all 20 industrial sectors showing increases. The flash estimate for August indicated 1% growth in GDP. Year-over-year, GDP is still posting a contraction of 5.0%. Canada’s stock benchmark, the S&P/TSX Composite Index, gained 0.1% in Friday’s session, but ticked down a marginal 0.1% for the week overall as the price of crude oil slumped 7.6% on the week while gold rose 2.2%.

Despite across-the-board losses for September overall, the major indexes turned in solid third-quarter performance, with the S&P/TSX Composite gaining 3.9%, the S&P 500 up 8.5%, and the Nasdaq Composite advancing 11%.

Fund news and updates

* BMO shuts down three ETFs. BMO Asset Management Inc. announced on Sept. 30 that it is terminating three low-performing ETFs, on or about Dec. 15.

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