April 17, 2017 Newsletter

Dear Friends,

Tangents:
On April 17, 1961, about 1,500 CIA-trained Cuban exiles launched the disastrous Bay of Pigs invasion of Cuba in a failed attempt to overthrow the government of Fidel Castro.
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On this day in 1973, FedEx, then known as Federal Express, began operations.
On this day in 1991, the Dow Jones tops 3,000 for the first time.  It closed today at 20,636.92.
PHOTOS OF THE DAY

People interact with the installation ‘London Fog (2017)’ by Japanese artist Fujiko Nakaya at the Tate Modern in London, Britain on Monday.Stefan Wermuth/Reuters

A man with a rainbow colored umbrella walks through a meadow in Traunstein, Germany, on Monday. Michaela Rehle/Reuters
Market Closes for April 17^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Michael Bellusci
     (Bloomberg) — Canadian stocks, led by financials, consumer staples and industrials, snapped a 3-day slide and scored their biggest advance since March 1.
* S&P/TSX Composite Index closed up 149 or 1% to 15,684.89.
* Financials rallied, helped by Genworth MI Canada, up 2.5%,     and Laurentian Bank of Canada, ahead 2.4%
* Empire Co. helped boost consumer staples, rising 2.3%, while George Weston rose 1.7%
     In other moves:
* Barkerville Gold Mines closed up 27% after reporting a new discovery from the 130,000 metre Phase II Island Mountain and Valley Zone exploration drilling program at its Cariboo Gold Project
* Westport Fuel Systems surged 20% after selling its Auxiliary power unit assets for $70m
* Peeks Social closed up as Apple approved a new version of the Peeks iOS app
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced as quieted geopolitical positioning over the weekend eased concern among investors and ended a three-day losing streak.
     The S&P 500 Index added 0.9 percent to 2,349.01 at 4 p.m. in New York. With European markets closed for a holiday on Monday, and the U.S. opening after the Good Friday hiatus, the Dow Jones Industrial average climbed 184 points to 20,637 on volume about 20 percent below its 30-day average.
* All 11 S&P groups higher on day
* Financial and real-estate shares lead, each up at least 1.1%
* Utilities, staples climb as 10-year Treasury yield adds less than a basis point to 2.25%
* Energy shares worst-performing group with 0.2% gain
* About 5.3 billion shares traded hands on U.S. exchanges, least this year
** Volume movers: Arconic (ARNC), Incyte (INCY), Eli Lilly (LLY), Netflix (NFLX) trading at volumes at least two times 30- day average
* VIX down to 14.7; compares with an average of about 12 this year
** Ended last week at 16, its level since the week of the U.S. election in November amid heightened geopolitical tensions
** Volatility movers: Omnicom (OMC), AES (AES), Public Service Enterprise (PEG) have highest put/call volume ratio
* POLITICS:
** Vice President Mike Pence encouraged China to take action against North Korea; met with troops a day after Kim Jong Un’s regime defied the Trump administration with a ballistic missile test
* ECONOMY:
** Confidence among U.S. home builders cooled in April after jumping a month earlier to the highest level since mid-2005
** Empire Manufacturing at 5.2, Est. 15 (range 10.0 to 20.9 on 41 estimates)
* EARNINGS (S&P 500):
** Post-market Monday: United Continental (UAL), Netflix (NFLX)
** Pre-market Tuesday: Charles Schwab (SCHW), Regions Financial (RF), Harley-Davidson (HOG), UnitedHealth Group (UNH), Progressive (PGR), Omnicom Group (OMC), Johnson & Johnson (JNJ), Comerica (CMA), Bank of America (BOA), Goldman Sachs (GS), WW Grainger (GWW), Prologis (PLD)

Have a wonderful evening everyone.

Be magnificent!

A child must be brought up to understand the word no.  He should be taught yes first of all,
then, yes and no, then no and yes, in such a way that he gradually comes to realize, that there is really only no.
A child’s education is learning to understand no, and this enables him to grow.
Growing up means accepting the concept of no.
Swami Prajnanpad

As ever,

Carolann

Money is better than poverty, if only for financial reasons.
                                           -Woody Allen, b. 1935

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
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www.carolannsteinhoff.com