April 24, 2017 Newsletter

Dear Friends,

Tangents:
On April 24, 1898, Spain declared war on the United States after rejecting America’s ultimatum to withdraw from Cuba. 
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BIRTHDAYS:
1934 –actress Shirley MacLaine
1942 –singer Barbara Streisand

The past is a place of reference, not a place of residence.
PHOTOS OF THE DAY

People walk between barbed-wire fences in the former Nazi death camp of Auschwitz as thousands of people, mostly youth from all over the world, gather for the annual ‘March of the Living’ during Holocaust Remembrance Day in Oswiecim, Poland, on Monday. Jakub Porzycki/Agencja Gazeta/Reuters

A man rides his bike up snow-covered Hohe Salve mountain in the western Austrian town of Hofgarten on Monday. Dominic Ebenbichler/Reuters

Farmer Piet Warmerdam picks up a yellow tulip from a red flower field as its growth could damage the rest in Den Helderin, Netherlands, on Saturday. Cris Toala Olivares/Reuters
Market Closes for April 24^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
294

The number of tech startups that raised at least $50 million apiece in 2014 and 2015. Almost three-quarters of those companies—216—have neither raised money nor been acquired since the end of 2015. Startups tend to raise funding every 12 to 18 months.
Canada
By Kristine Owram
     (Bloomberg) — Canada’s stock benchmark briefly hit its highest level since February before paring some of those gains as relief over the French election led a global rally that boosted financial stocks.
     The S&P/TSX Composite Index added 98 points or 0.6 percent to close at 15,712.46. Earlier in the day it rose as much as 1 percent, nearing the record high of 15,922 set on Feb. 21.
     Financial stocks were the biggest gainer, adding 1.5 percent, the sector’s biggest increase since March 1. IGM Financial Inc. and Manulife Financial Corp. both rose more than 3 percent.
     The materials index took some of the steam out of the rally, falling 0.8 percent along with the price of gold as demand for safe havens waned. Semafo Inc. plunged 15.7 percent after it cut its full-year gold production forecast.
     In other moves:
* Home Capital Group Inc. fell 9.1 percent. Founder Gerald Soloway will step down from the board and an interim chief financial officer was named in response to allegations that the lender misled investors and broke securities laws
* Canfor Corp. lost 3.6 percent and West Fraser Timber Co. Ltd. fell 2.9 percent. The U.S. is expected to issue preliminary countervailing duties on Canadian softwood lumber this week
* IGM Financial Inc. rose 3.4 percent, its biggest gain since November, following an upgrade by analysts at RBC.
US
By Oliver Renick
     (Bloomberg) — U.S. stock benchmarks rallied along with European shares Monday as Sunday’s vote in France triggered a relief rally in global equities. President Donald Trump’s vow to announce tax reforms this week also fueled gains.
* S&P 500 up 1.1% to 2,374.13 at 4pm
* Fell 0.3% on Friday as financial companies underperformed
* Dow Industrials up 1.1% to 20,764
* Nasdaq Composite makes a new high, up 1.2% to 5,984
* The index is up 15% since Nov. 8, compared with 11% in the S&P 500
* S&P 500 Financials (+2.2%) with industrial (+1.3%) and tech stocks (+1.3%) leading the market
* Energy shares up 0.5% despite 0.8% drop in crude oil prices
* Volume in S&P 500 14% above 30-day average
* VIX falls 25% to below 11, its biggest drop since August 2011 and the lowest level since February
* POLITICS:
* Centrist Emmanuel Macron and far-right nationalist Marine Le Pen won the first round of France’s presidential elections Sunday, triggering a runoff on May 7 between two radically different visions of France’s economy
* Trump tweeted on Saturday that he plans to announce a “big” tax reform and reduction plan on April 26
* A U.S. government shutdown is possible April 29 if Congress doesn’t approve a spending bill to fund the government past April 28
* ECONOMY:
* U.S. March Chicago national activity below est: March Chicago Fed national index 0.08 vs est. 0.50 (range -0.1 to 0.75); February revised to 0.27 from 0.34
* U.S. April Dallas Fed manufacturing index 16.8 vs est. 17.0
* EARNINGS
* After-market Monday: Range Resources (RRC), Newmont Mining (NEM), Ameriprise Financial Inc (AMP), Express Scripts Holding (ESRX), Zions Bancorporation (ZION), Crown Castle International (CCI), UDR (UDR), Whirlpool (WHR)
* Pre-market Tuesday: Centene (CNC), Laboratory Corp of America Holdings (LH), Ryder System (R), PulteGroup (PHM), DuPont (DD), Biogen (BIIB), Pentair (PNR), McDonald’s (MCD), Corning (GLW), Freeport-McMoRan (FCX), Eli Lilly (LLY), Baker Hughes (BHI), Fifth Third Bancorp (FITB), Nielsen Holdings (NLSN), Xerox (XRX), Coca-Cola (KO), Valero Energy (VLO), AutoNation (AN), Waters (WAT), Masco (MAS), S&P Global (SPGI), Lockheed Martin (LMT), T Rowe Price Group (TROW), Northern Trust (NTRS), 3M (MMM), Caterpillar (CAT), Paccar(PCAR)

Have a wonderful evening everyone.

Be magnificent!

You can live with few clothes or with one meal a day, but  that is not simplicity.
So be simple, don’t live in a complicated way, contradictory and so on, just be simple inwardly.
Krishnamurti

As ever,

Carolann

A somebody was once a nobody who wanted to and did.
                                    -John Burroughts, 1837-1921

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
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www.carolannsteinhoff.com