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Market week: S&P 500 posts best quarter in 10 years
4/20/2019 7:11:34 AM
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By Fund Library News Wire  | Friday, March 29, 2019


 

By Mike Keerma

Despite a recent inversion of the U.S. government bond yield curve and yet another rejection of a Brexit proposal by the British Parliament, the major stock market indices posted solid gains on the week, as investor sentiment was buoyed by a Tweet from U.S. Treasury Secretary Steven Mnuchin following the conclusion of this round of U.S.-China trade and tariff talks in Beijing. Mnuchin indicated further talks will take place in Washington next week. The S&P 500 Composite Index posted its best quarterly gain since 2009.

Index

March 29, 2019, close

Day

Week

March 2019

Q1 2019

S&P/TSX Composite

16,102.09

-0.3%

0.08%

0.64%

12.42%

S&P 500 Composite

2,834.40

0.7%

1.20%

1.79%

13.07%

Nasdaq Composite

7,729.32

0.8%

1.13%

2.61%

16.49%

Gold (US$)

$1,297.00

0.1%

-1.20%

-1.45%

1.35%

Oil (WTI) (US$)

$60.20

1.5%

2.28%

5.21%

32.57%

U.S. Treasury bonds gained ground on Friday, and the yield reverted to its normal structure with longer-term maturities trading with a higher yield than shorter maturities. Even though the difference was minimal, it was enough to encourage investors to boost equities. The yield curve had inverted the previous week, as short-term U.S. Treasury issues carried a higher yield than long-term issues, an indication that investors believe the pace of economic growth will slow and that stock markets are likely to reach a peak before sinking into bearish territory.

The S&P 500 Composite Index climbed 1.2% on the week, posting a 1.8% gain for March, and advancing 13.1% in the first quarter, its best quarterly gain since the third quarter of 2009. The Nasdaq Composite Index likewise rose 1.1% on the week for a 2.16% monthly gain and a 16.5% quarterly surge. Toronto’s S&P/TSX Composite Index gained less than 1% on the week, rising 0.6% in March, while still posting a very respectable 12.4% gain for the first quarter. Much of that can be attributed to the strong gains in the energy sector, underpinned by a 32.6% increase in the price of crude oil through the first quarter.

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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© 2019 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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