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WEEKLY WRAP, SEPT. 15, 2017: S&P 500 HITS ANOTHER RECORD HIGH, CROSSES 2,500
10/21/2017 6:07:05 AM
HOME : STOCKS : WEEKLY WRAP, SEPT. 15, 2017: S&P 500 HITS ANOTHER RECORD HIGH, CROSSES 2,500
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By Fund Library News Wire  | Friday, September 15, 2017


By Mike Keerma

* S&P 500 hits another record high, crosses 2,500
* TD launches two new equity funds with North American focus.
* Invesco introduces two new income-focused ETFs.


* S&P 500 hits new record high, crosses 2,500.
The U.S. blue-chip benchmark S&P 500 Composite Index closed at a record high on Friday, crossing the psychologically significant 2,500 threshold for the first time ever. The index advanced 1.6% on the week. The run was spurred on by gains the technology sector, led by semiconductor stocks and boosted by an advance in smartphone maker Apple Inc. (NASDAQ: AAPL), which saw its share price rise after introducing its new iPhones last Tuesday. The Nasdaq Composite Index, which has a heavy tech-sector weighting, gained 1.4% on the week, and is now ahead nearly 20% year to date. Toronto’s S&P/TSX Composite Index rose 1.3% on the week, as the price of crude oil surged 4.8% from the previous week’s close. Gold, meanwhile, gave back some of its previous gains, dropping 2.0% over the week, as investors shrugged off another missile test by North Korea.

FUND NEWS

* TD launches two new equity funds. TD Asset Management Inc. last week debuted a U.S. equity fund along with a North American small-cap equity fund.

TD U.S. Dividend Growth Fund, managed by David Sykes, will invest in successful, dividend-paying U.S. companies.

TD North American Small-Cap Equity Fund will invest in North American equities with attractive and stable growth potential. The fund is managed by Jean Masson and aims to offer investors access to small- and medium-sized North American companies that are expected to deliver enhanced, long-term returns.

* Invesco introduces two new income-focused ETFs. Invesco launched two new PowerShares income ETFs with a Canadian focus and designed to provide a monthly distribution.

PowerShares 1-10 Year Laddered Investment Grade Corporate Bond Index ETF (NEO: PIB) tracks the FTSE TMX Canada Investment Grade 1-10 Year Laddered Corporate Bond Index. It holds corporate bonds, which generally provide a higher yield than government bonds of similar maturity and credit quality. According to a PowerShares release, “As a laddered portfolio, PIB helps manage reinvestment risk by spreading out bond maturities. The portfolio’s short-term bonds reduce interest-rate sensitivity while its medium-term holdings tend to provide higher yield.” MER is 0.25%.

PowerShares S&P/TSX REIT Income Index ETF (TSX: REIT) tracks the S&P/TSX Capped REIT Income Index of Canadian real estate investment trusts, providing exposure to a cross-section of retail, residential, office and industrial REITs. MER is 0.45%.

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

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© 2017 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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