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Weekly market wrap Jan. 5, 2018: Stocks celebrate the New Year with push to fresh record highs
7/23/2018 9:32:08 AM
HOME : FEATURES : COLUMNS : Weekly market wrap Jan. 5, 2018: Stocks celebrate the New Year with push to fresh record highs
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By Fund Library News Wire  | Friday, January 05, 2018


 

By Mike Keerma

Stock markets kept popping the champagne corks during the first week of the new year as the big U.S. indices posted four straight days of gains, setting fresh closing record highs, and extending the bull market into 2018. Market sentiment was buoyed by the passage of a major U.S. tax reform bill with major corporate tax cuts, a healthy December labor report indicating 148,000 new jobs, solid corporate earnings, and rising commodity prices. The broad U.S. blue-chip S&P 500 Composite Index gained 2.6% on the week, while the tech-weighted Nasdaq Composite Index advanced 3.4%. Toronto’s benchmark S&P/TSX Composite Index rose 0.9% on the week, setting a record intra-day high on Thursday before tracking back late in the week. Crude oil rallied 1.9% on the week despite a late-week selloff that weighed on TSX daily performance on Friday, while gold rose 0.9%.



2017 Year-End Market Summary

FUND NEWS

* Sun Life completes Excel takeover. Sun Life Global Investments (Canada) Inc. announced it has completed its purchase of Excel Funds Management Inc. and Excel Investment Counsel Inc., which specializes in emerging markets funds. Bhim D. Asdhir, formerly President and Chief Executive Officer of Excel Funds, will join the Sun Life Global Investments leadership team in the newly created role of Head of Emerging Markets and Business Development.

* Horizons consolidates HVU. Horizons ETFs Management (Canada) Inc. announced plans to consolidate the units of its BetaPro S&P 500 VIX Short-Term Futures 2x Daily Bull ETF (TSX: HVU). After the close of trading on Friday, January 12, the units will be consolidated at a ratio of 1:5, and will begin trading on a post-consolidated basis on Monday, Jan.15.

According to a Horizons release, because the net asset value per unit is increased by the same ratio as the unit consolidation, there is no impact on the value of the investor’s total unit position. An investor’s cost per unit is also increased by the same ratio as the unit consolidation, although their total cost remains unchanged.

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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