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Weekly market wrap April 20, 2018: High hopes for Q1 earnings keep stock markets afloat
7/21/2018 5:41:06 AM
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By Fund Library News Wire  | Friday, April 20, 2018


 

By Mike Keerma

The major North American stock indices held their own on the week, with Canada’s S&P/TSX Composite Index advancing 1.4%, as crude oil gained 1.3%, despite some softness on Friday. With first-quarter earnings expectations still high, the U.S. blue chip S&P 500 Composite Index edged up 0.5% week over week, despite headwinds from interest rates as the yield on the benchmark U.S. 10-year Treasury note rose to near 3.0%, its highest level since 2014. Yields were fueled by inflationary pressures as the March all-items consumer price index rose to an annual 2.4%, with the core rate at 2.1%. A retreat on Friday in both the energy and technology sectors weighed on stock indices at week’s end, but the Nasdaq Composite Index still managed 0.6% uptick on the week, even as Apple Corp. (NASDAQ: AAPL) slipped, mainly on growing concerns over its flagging iPhone X sales.

FUND NEWS

* Fidelity launches founder fund. Fidelity Investments Canada debuted it Fidelity Founders Class, managed by Fidelity’s Daniel Kelley. The fund invests primarily in founder-led companies anywhere in the world and across the market cap spectrum in both public and private markets. Fidelity defines a founder-led company as one where the founder remains in a position of influence, such as CEO, board of directors, or personal or family share ownership.

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.

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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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