Markets added to year-to-date gains last week, with the spotlight concentrated on the triumvirate of 1) vaccine progress, 2) the current state of the economy and 3) the potential for a fiscal package in Washington.
Despite a week shortened by the holiday in the United States and Japan, stocks, bonds, and commodities unanimously signaled growing optimism about the growth of economic activity in 2021.
The wave of encouraging news pushed several stock market indices-including the S&P 500, the Dow Jones Industrial Average, and the MSCI All-Country World Index-to historic highs. However, both the S&P 500 (-0.77%) and Dow Jones (-0.73%) declined to end the week lower, as tightening restrictions in..
The positive implications of an effective vaccine for economic growth triggered gains of more than 2% for the Canadian stock index, despite fears that a Biden administration in the United States would cancel the permit for the Keystone XL pipeline.
In addition to the election results, early data suggesting that German pharmaceutical giant Pfizer has developed a safe and effective vaccine for COVID-19 is driving the markets today. For more information on this vaccine candidate
Fears that the increase in COVID-19 cases would weaken the economy were compounded by the end of hopes for a pre-election fiscal stimulus package. In addition, fears that the presidential election results would be tighter also added further pressure on stocks.
The industry sector declined after Canadian National Railway Company and Canadian Pacific Railway Company Ltd. reported revenues and earnings below…
The Bank of Canada has signaled an improvement in the economic environment by reducing the emergency measures it put in place last spring to stabilize..
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ClearWater Market Commentary as of December 14th, 2020
Although Canadian equities closed mixed last week, the TSX rose to a nine-month high following the fresh record highs set last week by the major U.S. indexes.