By Mike Keerma
A rally in technology stocks on Friday, led by a surge in shares of
Apple Inc. (NASDAQ: AAPL), boosted the tech-weighted
Nasdaq Composite Index to a 1.3% gain on the week. And while the blue-chip
S&P 500 Composite Index advanced 1.3% on Friday, the index failed to gain on the week, closing just
a hair below breakeven, as traders reacted to disappointing job creation
numbers in April, with 164,000 new non-farm jobs created, while the U.S.
unemployment rate dropped to 3.9% from 4.1%, the lowest in about 18 years.
The yield on the U.S. 10-year Treasury note, meanwhile, retreated 1.3 basis
points, ending the week at 2.946%. Toronto’s benchmark
S&P/TSX Composite Index closed slightly above breakeven on the week, against a backdrop of economic
growth as February’s GDP posted a 0.4% monthly increase (3.0% annual rate),
while the price of
crude oil gained 2.6% on the week, lending support to Canada’s energy sector.
FUND NEWS
* BMO launches new mutual funds:
BMO Investments announced the debut of several new mutual funds:
BMO Concentrated Global Equity Fund, investing in a concentrated portfolio of global high-quality equity
securities.
BMO Covered Call Canada High Dividend ETF Fund, offering a portfolio of dividend-paying Canadian equities with additional
yield through a covered call overlay.
BMO Crossover Bond Fund, with targeted exposure to BBB and BB-rated bonds in developed markets.
BMO Global Multi-Sector Bond Fund,
an active portfolio of global fixed-income securities, aiming for a high
level of interest income.
BMO Multi-Factor Equity Fund
holds U.S. equities selected by identifying factor exposures.
BMO U.S. Small Cap Fund
invests in smaller and mid-sized U.S. companies.
* Mackenzie debuts absolute return fund.
Mackenzie Investments
announced the launch of it Mackenzie Multi-Strategy Absolute Return Fund, which aims
for a positive total return over a market cycle, regardless of the ups and
downs. The fund will make use of a variety of alternative strategies teams
to allocate assets among multiple non-traditional strategies including
long/short equity, opportunistic credit, and global macro.
Check Fund Library’s
Market Activity page regularly for active updates on key market indexes and commodities.
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Disclaimer
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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.
