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Weekly market wrap May 4, 2018: Markets remain mixed on the week
11/16/2018 3:18:29 PM
HOME : FEATURES : COLUMNS : Weekly market wrap May 4, 2018: Markets remain mixed on the week
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By Fund Library News Wire  | Friday, May 04, 2018


 

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.

@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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