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A strong U.S. jobs report and steadying bond yields acted to quell investor anxieties in equity markets, as the major stock indexes closed Friday’s session on the upside. The U.S. added 379,000 new jobs in February, which along with widening Covid-19 vaccine distribution and the proposed US$1.9 trillion fiscal stimulus now before the Senate, raised investor hopes for a more rapid economic recovery this year. The U.S. unemployment rated ticked down to 6.2% in February from 6.3% in January.
The major North America stock indexes benefitted from Friday’s gains. The S&P 500 Composite Index gained 0.8% on the week, while Toronto’s S&P/TSX Composite Index advanced 1.8% as the price of crude oil surged. Despite Friday’s rebounds in industry bellwethers Amazon.com Inc. and Apple Inc., the Nasdaq Composite Index retreated 2.0% on the week.
Monitor the main stock and commodity indexes daily with the Fund Library’s interactive Markets Page.
* Scotia shuts down selected ETFs. Scotia Global Asset Management announced on March 1 plans to terminate four Scotia ETFs.
The ETFs are expected to be delisted from the Toronto Stock Exchange following market close on or about May 14, 2021, and will be terminated effective on or about May 19, 2021 All units of the ETFs still held by investors will be subject to a mandatory redemption as of the termination date.
* NBI undertakes fund merger extravaganza. National Bank Investments Inc. announced on March 1 a series of fund mergers designed to simplify NBI’s product lineup, while also delivering benefits for both investors and advisors offering NBI Funds.
Annamaria Testani, Senior Vice-President, National Sales at National Bank Investments, said in a release, “The proposed fund mergers will allow advisors to better respond to the needs of their clientele by selecting solutions from a more streamlined product offering.” More information on the proposed mergers can be found at NBI’s website.
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