Category: Events

Dear Friends,

Tangents:
Antonio Vivaldi, composer, b. 1675

1789 – US constitution went into effect.

On March 4, 1933, the start of President Roosevelt’s first administration brought with it the first woman to serve in the Cabinet: Labor Secretary Frances Perkins.  Go to article »

Lives Lived: The Japanese artist Toko Shinoda’s fluid, elegant work owed much to calligraphy, but she also complemented its ancient serenity with the influence of Jackson Pollock
and Mark Rothko. She died at 107.

Scientists build a robot that can swim in the Mariana Trench. (h/t Scott Kominers)

Power workers discover medieval tunnel system in Wales.

Scientists create human-Neanderthal “minibrains” in petri dishes, for some reason. (h/t Mike Smedley).

NYC woman discovers entire empty apartment behind her bathroom mirror.

Hunting for a giant black hole, astronomers found a nest of darkness

“You see, Q followers were heartbroken on Inauguration Day, which was supposed to be the day that the ‘storm’ came that would keep their guy actually in office. So they’ve moved the date of the storm — when all the arrests and the celebrities and the Democrats happen — to March 4, which was the date of presidential inaugurations up until 1933. [Imitating QAnon follower] ‘Yes, follow me down the rabbit hole. They ended it in 1933, but add up one, nine, three, three. Add up one plus six, you get seven. What is seven? Three plus four — three, four, March 4th, when we shall march forth! [Whispers] I see patterns where none exist.’” — STEPHEN COLBERT

PHOTOS OF THE DAY

Photographer James Crombie captured the incredible image, which he said he had been chasing for months. The picture – which shows the starlings appearing to resemble a bird – has been described as “phenomenal” by some, while others have praised Mr Crombie for his patience in getting the stunning shot
CREDIT: INPHO/JAMES CROMBIE

The Sicilian volcano, Mount Etna wakes up with a lava fountain emerging from the southeast crater.  Etna has been in activity since February 16^th
CREDIT: DIT / SPLASHNEWS.COM

The Urban Sun, an art project launched by Dutch designer Daan Roosegaarde is seen on a square in Rotterdam,  Netherlands
CREDIT: DAAN ROOSEGAARDE/COVER IMAGES

Polar bear cubs were spotted emerging out of their den for the very first time and playing inquisitively in the snow. The tiny cubs are just a couple of months old, and no bigger than a Yorkshire terrier dog – but appear confident and inquisitive as they run about and smell the trees and the outside world. The twin bear cubs did not stray too far from their protective mother as they took their first steps into the outside world in a blanket of thick snow near Churchill, northern Canada
Market Closes for March 4^th, 2021

Market Index	Close	Change
Dow Jones	30924.14	-345.5
		-1.11%
S&P 500	3768.47	-51.25
		-1.34%
NASDAQ	12724.472	-274.280 -2.11%
TSX	18125.72	-194.95
		-1.06%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28930.11	-628.99
		-2.13%
HANG SENG	29236.79	-643.63
		-2.15
SENSEX	50846.08	-598.57
		-1.16%
FTSE 100*	6650.88	-24.59 -0.37%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.500	1.412
CND. 30 Year Bond	1.910	1.832
U.S.    10 Year Bond	1.5640	1.4808
U.S. 30 Year Bond	2.3205	2.2759

Currencies

BOC Close	Today	Previous
Canadian $	0.7891	0.7892
US $	1.2673	1.2670
Euro Rate 1 Euro=		Inverse
Canadian $	1.5174	0.6590
US $	1.1972	0.8352

Commodities

Gold	Close	Previous
London Gold Fix	1711.40	1723.85
Oil
WTI Crude Future	63.83	61.28

Market Commentary:
     On this day in 1933, with the nation’s banking system in shambles, President Franklin D. Roosevelt ordered a nationwide bank holiday, shutting banks, stock exchanges, commodities exchanges and money markets. The stock exchanges reopened on March 15, but 3,460 out of some 18,000 total banks stayed closed for good.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares fell for a second day along with U.S. stocks after Federal Reserve Chairman Jerome Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in U.S. Treasury yields. The S&P/TSX Composite index fell 1.1% in Toronto, after falling 0.6% on Wednesday. Only consumer staples and energy sectors were in the green, while pot and tech stocks were the worst performers. Meanwhile, the Canadian government’s aid package for the country’s airlines may be at least C$7 billion ($5.5 billion) and a larger infusion is possible, Unifor National President Jerry Dias told Bloomberg Television.
Commodities
* Western Canadian Select crude oil traded at an $11.50 discount to West Texas Intermediate
* Spot gold fell 0.7% to $1,6983.73 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.2670 per U.S. dollar
* The 10-year Canada government bond yield climbed about 8 basis points to 1.491%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.1 percent, or 194.95 to 18,125.72 in Toronto. Shopify Inc. contributed the most to the index decline, decreasing 5.8 percent. Kinaxis Inc. had the largest drop, falling 17.0 percent. Today, 145 of 219 shares fell, while 72 rose; 9 of 11 sectors were lower, led by information technology stocks.
Insights
* This quarter, the index rose 4 percent
* So far this week, the index rose 0.4 percent
* The index advanced 8 percent in the past 52 weeks. The MSCI AC
Americas Index gained 21 percent in the same period
* The S&P/TSX Composite is 2.4 percent below its 52-week high on
Feb. 16, 2021 and 62.2 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.5 percent in the past 5 days
and rose 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
26.5 on a trailing basis and 16.5 times estimated earnings of
its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.84t
* 30-day price volatility rose to 15.55 percent compared with
15.28 percent in the previous session and the average of 14.07 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -86.5214| -4.5| 1/9
Industrials | -43.5005| -1.9| 8/20
Financials | -32.4048| -0.6| 5/21
Materials | -27.0909| -1.2| 17/32
Consumer Discretionary | -17.2716| -2.3| 1/12
Health Care | -13.6292| -4.8| 0/9
Real Estate | -4.8732| -0.8| 6/20
Utilities | -4.7268| -0.6| 5/11
Communication Services | -0.3831| 0.0| 3/4
Consumer Staples | 8.7348| 1.4| 8/3
Energy | 26.7176| 1.2| 18/4
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks and bonds sold off after Federal Reserve Chairman Jerome Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in Treasury yields. The S&P 500 briefly erased its advance for 2021 and closed at the lowest level in about five weeks. Benchmark 10-year bond rates topped 1.5% and the dollar climbed. The tech-heavy Nasdaq 100 extended its decline from a February peak to almost 10%, and the Russell 2000 of small caps slid 2.8%. A wave of Reddit users appeared to rush back into GameStop Corp., with the video-game retailer soaring.
Powell said in an online event Thursday that he’d be “concerned” by disorderly markets, but stopped short of offering steps to curb heightened volatility. The surge in Treasury yields has triggered fears about elevated stock valuations after a torrid equity rally from the depths of the pandemic. While bulls have decided to view the jump in rates as a sign of economic strength that could lift corporate profits, there’s been mounting concern over a potential pickup in consumer prices. For Bleakley Advisory Group’s Peter Boockvar, the Fed has put itself in a “tough situation.” “We are again seeing a market that is taking control of monetary policy from the Fed,” said Boockvar, the firm’s chief investment officer. “Long rates are rising right now because Powell is again very dovish.
The more dovish they get in the face of market expectations of higher inflation, the more financial tightening we’ll see.” Despite the lingering uncertainties about the impacts of rising bond yields, such fears are “misplaced,” according to Candice Bangsund, portfolio manager of global asset allocation at Fiera Capital. “As long as the back-up in bond yields reflects stronger growth expectations (versus tighter monetary policy), then the long-term bull market will not be at risk,” she said. “The latest normalization in bond yields should be viewed as an encouraging sign that growth is healing, while the prospect for a hawkish turn from the Federal Reserve is clearly not in the cards today.” Elsewhere, Bitcoin’s appeal as a hedge against inflation was put to the test, with the largest cryptocurrency slumping along with other risk assets. Oil surged after the OPEC+ alliance surprised traders with its decision to keep output unchanged, signaling a tighter crude market in the months ahead. Some key events to watch this week:

* The February U.S. employment report on Friday will provide an
update on the speed and direction of the nation’s labor market recovery.

These are some of the mains moves in markets:
Stocks
* The S&P 500 decreased 1.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index dipped 2.4%.
* The MSCI Emerging Market Index declined 2.5%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%.
* The euro decreased 0.8% to $1.1971.
* The Japanese yen depreciated 0.8% to 107.90 per dollar.
Bonds
* The yield on 10-year Treasuries rose five basis points to 1.53%.
* Germany’s 10-year yield fell two basis points to -0.31%.
* Britain’s 10-year yield decreased five basis points to 0.731%.
Commodities
* West Texas Intermediate crude rose 4.7% to $64.16 a barrel.
* Gold fell 0.8% to $1,697.83 an ounce.

–With assistance from Andreea Papuc, Emily Barrett, Yakob Peterseil, Lynn Thomasson, Sophie Caronello and Lu Wang

Have a great night.

Be magnificent.
As ever,

Carolann

Friendship is born at that moment when one person says to another What!  You, too?  I thought I was the only one. -C.S. Lewis, 1897-1963.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

I recently came across a speech given by J.K. Rowling, the creator of the immensely-successful Harry Potter series, on the benefits of failure.  I found it both moving inspiring.  I hope you do too, so I thought I’d share it with you.  Maybe you know someone who needs to hear its message right now, so please pass it along.

Rowling gave the commencement address at Harvard University on June 5, 2008, and the quote below is from its timeless message:

Looking back at the 21-year-old that I was at graduation, is a slightly uncomfortable experience for the 42-year-old that she has become.  Half my lifetime ago, I was striking an uneasy balance between the ambition I had for myself, and what those closest to me expected of me.

I was convinced that the only thing I wanted to do, ever, was to write novels.  However, my parents, both of whom came from impoverished backgrounds and neither of whom had been to college, took the view that my overactive imagination was an amusing personal quirk that would never pay a mortgage, or secure a pension.  I know that the irony strikes with the force of a cartoon anvil, now.

So they hoped that I would take a vocational degree; I wanted to study English Literature.  A compromise was reached that in retrospect satisfied nobody, and I went up to study Modern Languages.  Hardly had my parents’ car rounded the corner at the end of the road than I ditched German and scuttled off down the Classics corridor…

I think it fair to say that by any conventional measure, a mere seven years after my graduation day, I had failed on an epic scale.  An exceptionally short-lived marriage had imploded, and I was jobless, a lone parent, and as poor as it is possible to be in modern Britain, without being homeless.  The fears that my parents had had for me, and that I had had for myself, had both come to pass, and by every usual standard, I was the biggest failure I knew.

Now, I am not going to stand here and tell you that failure is fun.  That period of my life was a dark one, and I had no idea that there was going to be what the press has since represented as a kind of fairy tale resolution.  I had no idea then how far the tunnel extended, and for a long time, any light at the end of it was a hope rather than a reality.

So why do I talk about the benefits of failure? Simply because failure meant a stripping away of the inessential.  I stopped pretending to myself that I was anything other than what I was, and began to direct all my energy into finishing the only work that mattered to me.  Had I really succeeded at anything else, I might never have found the determination to succeed in the one arena I believed I truly belonged.  I was set free, because my greatest fear had been realised, and I was still alive, and I still had a daughter whom I adored, and I had an old typewriter and a big idea.  And so rock bottom became the solid foundation on which I rebuilt my life.

You might never fail on the scale I did, but some failure in life is inevitable.  It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all—in which case, you fail by default.

Failure gave me an inner security that I had never attained by passing examinations.  Failure taught me things about myself that I could have learned no other way.  I discovered that I had a strong will, and more discipline than I had suspected; I also found out that I had friends whose value was truly above the price of rubies.

The knowledge that you have emerged wiser and stronger from setbacks means that you are, ever after, secure in your ability to survive.  You will never truly know yourself, or the strength of your relationships, until both have been tested by adversity.  Such knowledge is a true gift, for all that it is painfully won, and it has been worth more than any qualification I ever earned.

March 3, 1955 – Elvis Presley’s first TV appearance
On March 3, 1991, in a case that sparked a national outcry, motorist Rodney King was severely beaten by Los Angeles police officers in a scene captured on amateur video.  Go to article »

A new technique is revealing centuries of secrets locked away in letters — without even opening the envelopes. See how this cool virtual-reality project works, along with the tales it’s beginning to tell.

What’s better than invisible ink…Locked letters.

PHOTOS OF THE DAY

Lisa Bowerman inside Stump Cross Caverns, Situated between Wharfdale and Nidderdale in the beautifully rugged county of North Yorkshire just above Pateley Bridge. The caves were discovered in 1860 by lead miners, Stump Cross Caverns has a rich history going back hundreds of millions of years. Over the last few years new passageways have been opened up with remains of prehistoric creatures such as wolverine and reindeer found in the caves. Stump Cross Caverns began 300 million years ago, during the Caboniferous period. What is now the Yorkshire Dales was then covered by a shallow sea, filled with underwater plants and animals. The limestone rock you can see today is the remains of billions of shells and debris, gradually solidified under pressure. 
CREDIT: JAMES HARDISTY/YORKSHIRE POST/SWNS

Incredible photos capture the underwater moment a kingfisher dives to catch a fish. Air bubbles caused by the bird as it dives under the surface are shown in breathtaking detail. Photographer Han Bouwmeester took the stunning photos from his garden in the village of Goor, in the Netherlands, where he has an aquarium that the animal visits for a snack.
CREDIT: HAN BOUWNEESTER/SOLENT NEWS & PHOTO AGENCY

United States Air Force Air Demonstration Squadron “Thunderbirds” and the United States Navy Flight Demonstration Squadron, the Blue Angels, debut the Super Delta formation consisting of six F-16 Fighting Falcons and six F/A-18 Super Hornets over a C-130J Super Hercules at Naval Air Facility El Centro
CREDIT: ANDREW SARVER/AFP

A woman wearing a face mask walks past a mural painting featuring an angel’s wings and halo, at a shopping mall in south west Berlin
CREDIT: JOHN MACDOUGALL / AFP
Market Closes for March 3^rd, 2021

Market Index	Close	Change
Dow Jones	31270.09	-121.43
		-0.39%
S&P 500	3819.72	-50.57
		-1.31%
NASDAQ	12997.754	-361.033 -2.70%
TSX	18320.67	-100.93
		-0.55%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29559.10	+150.93
		+0.51%
HANG SENG	29880.42	+784.56
		+2.70%
SENSEX	51444.65	+1147.76
		+2.28%
FTSE 100*	6675.47	+61.72 +0.93%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.412	1.331
CND. 30 Year Bond	1.832	1.776
U.S.    10 Year Bond	1.4808	1.3914
U.S. 30 Year Bond	2.2759	2.1913

Currencies

BOC Close	Today	Previous
Canadian $	0.7892	0.7911
US $	1.2670	1.2639
Euro Rate 1 Euro=		Inverse
Canadian $	1.5266	0.6550
US $	1.2049	0.8299

Commodities

Gold	Close	Previous
London Gold Fix	1723.85	1734.15
Oil
WTI Crude Future	61.28	59.75

Market Commentary:
     On this day in 1882, in Lugo, Italy, Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi was born. In 1903 he emigrated to Boston, renaming himself Charles Ponzi, and created a financial phenomenon—promising to double investors’ money every three months by speculating in foreign postage stamps. Bostonians lost over $10 million on the scheme, and Ponzi’s name became synonymous with any con that pays new investors out of the money that belongs to the old ones.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell alongside U.S. stocks Wednesday after the renewed bout of Treasury volatility spurred a surge in bond yields. The S&P/TSX Composite Index fell 0.6%, with tech and health care stocks leading the drop. Energy and consumer discretionary rose. Oil jumped the most in more than a week after a U.S. government report showed a record drop in domestic fuel inventories from the aftermath of a deep freeze that shuttered refineries in several states. Gold resumed its slide as rising U.S. Treasury yields and focus on an economic recovery dented the metal’s allure. Finance Minister Chrystia Freeland stressed the government will do “whatever it takes” to support Canada’s recovery and suggested it’s too early to declare victory despite data that show surprising strength in the economy.
Commodities
* Western Canadian Select crude oil traded at an $11.45 discount to West Texas Intermediate
* Spot gold fell 1.3% to $1,715.49 an ounce
FX/Bonds
* The Canadian dollar fell 0.1% to C$1.2646 per U.S. dollar
* The 10-year Canada government bond yield rose 6.7 basis points to 1.398%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.5 percent at 18,320.67 in Toronto. The move follows the previous session’s increase of 0.7 percent. Today, information technology stocks led the market lower, as 6 of 11 sectors lost; 109 of 219 shares fell, while 108 rose. Shopify Inc. contributed the most to the index decline, decreasing 6.6 percent. Ballard Power Systems Inc. had the largest drop, falling 9.0 percent.
Insights
* This quarter, the index rose 5.1 percent
* The index advanced 12 percent in the past 52 weeks. The MSCI AC Americas Index gained 28 percent in the same period
* The S&P/TSX Composite is 1.4 percent below its 52-week high on
Feb. 16, 2021 and 64 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.9 percent in the past 5 days and rose 2.3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
26.8 on a trailing basis and 16.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.85t
* 30-day price volatility rose to 15.28 percent compared with
15.18 percent in the previous session and the average of 13.97 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology| -103.1318| -5.1| 1/9
Materials | -29.3789| -1.3| 15/35
Industrials | -10.9601| -0.5| 16/13
Utilities | -10.1796| -1.2| 3/13
Health Care | -6.2278| -2.1| 3/6
Consumer Staples | -1.9763| -0.3| 4/6
Communication Services| 1.8575| 0.2| 4/2
Real Estate | 2.8115| 0.5| 16/10
Consumer Discretionary| 9.5647| 1.3| 9/4
Financials | 9.7159| 0.2| 15/11
Energy | 36.9591| 1.6| 22/0
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — The renewed bout of Treasury volatility spurred a surge in bond yields on Wednesday, dragging down stocks as investors grappled with concern over stretched valuations. A selloff in high-flying giants such as Apple Inc. and Amazon.com Inc. outweighed gains in banks and energy producers. The Nasdaq 100 slumped to a two-month low, bringing its losses from a February peak to about 8%. The S&P 500 extended its slide into a second day, while the Dow Jones Industrial Average outperformed. Benchmark U.S. government yields approached 1.5%, with bonds pricing in the highest five-year inflation expectations since 2008.
Traders also assessed data pointing to a slow and uneven economic recovery from the depths of the pandemic. The rout in Treasuries has rattled nerves across the globe amid warnings of excessive optimism among equity investors after the S&P 500 surged 70% in 11 months, notching the best start for a bull market in nine decades. While there haven’t been any signs of panic, concerns over lofty valuations have emerged. The stock benchmark’s earnings yield was about 1.7 percentage points above 10-year rates: the smallest advantage in three years. “Volatility has picked up a little bit, we’ve had bigger up days and down days,” said James Ragan, director of wealth management research at D.A. Davidson. “The focus is still on rising interest rates and how that’s impacting valuations on some of the higher multiple sectors.”
Data Wednesday showed that growth at U.S. service providers slowed to a nine-month low in February, when severe winter weather gripped much of the nation and limited activity. Meanwhile, the number of employees at U.S. businesses rose by less than expected, underscoring the jobs market’s struggle to recover despite a decline in Covid-19 infections in recent weeks. The U.S. economy expanded modestly in the first two months of the year and sentiment among business owners is picking up as vaccinations bolster the prospects for growth, according to the Federal Reserve’s Beige Book. President Joe Biden has agreed to moderate Democrats’ demands to narrow eligibility for stimulus checks, but party leaders in the Senate are resisting a push to trim extra unemployment benefits as they try to consolidate support for the $1.9 trillion relief-bill, a Democratic aide said. Elsewhere, oil jumped on a government report showing a record drop in domestic fuel inventories in the aftermath of a deep freeze that shuttered refineries in the U.S. South.

Some key events to watch this week:
* OPEC+ meeting on output Thursday.
* U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.
* The February U.S. employment report on Friday will provide an
update on the speed and direction of the nation’s labor market recovery.
These are some of the moves in markets:
Stocks
* The S&P 500 slid 1.3% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index was little changed.
* The MSCI Asia Pacific Index increased 1.1%.
* The MSCI Emerging Market Index advanced 1.4%.
Currencies
* The Bloomberg Dollar Spot Index gained 0.3%.
* The euro decreased 0.2% to $1.2066.
* The Japanese yen depreciated 0.3% to 106.97 per dollar.
Bonds
* The yield on 10-year Treasuries jumped eight basis points to 1.47%.
* Germany’s 10-year yield climbed six basis points to -0.29%.
* Britain’s 10-year yield rose nine basis points to 0.779%.
Commodities
* West Texas Intermediate crude advanced 2.6% to $61.28 a barrel.
* Gold slid 1.4% to $1,714.77 an ounce.
* Silver fell 2.3% to $26.16 per ounce.

–With assistance from Cormac Mullen, Andreea Papuc, Emily Barrett, Anchalee Worrachate, Yakob Peterseil and Lu Wang
Have a great night.

Be magnificent!
As ever,

Carolann

A goal is a dream with a deadline. -Napoleon Hill.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
1925-Highway numbers introduced.
1899- Mount Rainer National Park established

Theodore Geisel, “Dr. Seuss”, author, b. 1904
Tom Wolfe, writer, b. 1941
Mikhail Gorbachev, statesman, b. 1931

5 is your lucky number of fruits and veggies to live longer, but not all of them count.  Sorry, a diet of grape juice and french fries probably won’t cut it. 

People rarely leave conversations when they want to. Here’s how to change that.  OK ………….. bye! 

VIRTUAL TRAVEL: Pretend you’re in the scenic Riviera Maya in Mexico.

A decades-long quest reveals new details of antimatter. 

What might be Asia’s longest-missing bird just came out of hiding.  For the first time in 170 years, the black-browed babbler was found in an Indonesian forest. Ornithologists first described the bird around 1850, after the one and only known specimen of the species was collected. Then the enigmatic bird disappeared.  One conservationist said the discovery was “as shocking as rediscovering the passenger pigeon or Carolina parakeet.”
In other discoveries, a team of scientists reconstructed the outer and middle ear of Neanderthals and concluded that they listened to the world much like we do, adding a new piece to the puzzle of whether early humans could speak.

PHOTOS OF THE DAY

The International Space Station is captured on camera in a super-rare photo – as the spacecraft was illuminated for a split-second while passing in front of the moon. The amazing image shows the whole structure of the ISS changing as its solar ‘panels’ – or arrays – shifted as it prepared to live-stream its mission to NASA. Photographer Andrew McCarthy, who captured the rare photograph at 2.45am, said those on board the space station were preparing for an extravehicular activity (EVA) – in other words, a space walk outside the station. He had less than a second to capture the ISS in transit across the moon – but managed to capture the spacecraft grazing across the Copernicus crater before it disappeared from view.
CREDIT: ANDREW MCCARTHY/COSMIC_BACKGROUND / SWNS

A man releases a pigeon backdropped by the Giza pyramids in the Egyptian capital Cairo
CREDIT: KHALED DESOUKI/AFP

The mountains that surround Buttermere in Cumbria reflect into the still water this morning as the sun send beams of light through the hills.
CREDIT: ADNREW MCCAREN/LNP

A monk visits the Wat Rong Khun, White Temple, a Buddhist temple in northern Thailand’s Chiang Rai province.
CREDIT: ROMEI GACAD/AFP
Market Closes for March 2^nd, 2021

Market Index	Close	Change
Dow Jones	31391.52	-143.99
		-0.46%
S&P 500	3870.29	-31.53
		-0.81%
NASDAQ	13358.789	-230.040 -1.69%
TSX	18421.60	+121.98
		+0.67%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29408.17	-255.33
		-0.86%
HANG SENG	29095.86	-356.71
		-1.21%
SENSEX	50296.89	+447.05
		+0.90%
FTSE 100*	6613.75	+25.22 +0.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.331	1.344
CND. 30 Year Bond	1.776	1.768
U.S.    10 Year Bond	1.3914	1.4170
U.S. 30 Year Bond	2.1913	2.1906

Currencies

BOC Close	Today	Previous
Canadian $	0.7911	0.7909
US $	1.2639	1.2644
Euro Rate 1 Euro=		Inverse
Canadian $	1.5275	0.6546
US $	1.2085	0.8274

Commodities

Gold	Close	Previous
London Gold Fix	1734.15	1742.85
Oil
WTI Crude Future	59.75	60.64

Market Commentary:
     1807 Congress outlawed the importation of slaves to the United States, effective the following year. Go to article >>
On this day in 1844, the New York Stock Exchange raised the initiation fee for new members to $400, equivalent to more than $9,400 in modern money.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian equities gained for a second day as materials and consumer staples stocks advanced. The S&P/TSX Composite index rose 0.7% in Toronto, extending this week’s gain to 2%. Materials were the best performing sector, with gold miners rebounding as the price of gold snapped a five-day losing streak. However, Bank of Montreal’s investment bank is building up its capabilities to help clients establish blank-check companies as the Canadian firm seeks to play a bigger role in the fast-growing trend.  Meanwhile, industrials were the worst performing sector.
Commodities
* Western Canadian Select crude oil traded at an $11.10 discount to West Texas Intermediate
* Spot gold gained 0.6% to $1,735.22 an ounce
FX/Bonds
* The Canadian dollar rose 0.1 to C$1.2628 per U.S. dollar
* The 10-year Canada government bond yield fell to 1.329%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.7 percent, or 121.98 to 18,421.60 in Toronto. Barrick Gold Corp. contributed the most to the index gain, increasing 4.4 percent. Spin Master Corp. had the largest increase, rising 23.9 percent. Today, 134 of 219 shares rose, while 81 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 5.7 percent
* The index advanced 11 percent in the past 52 weeks. The MSCI
AC Americas Index gained 27 percent in the same period
* The S&P/TSX Composite is 0.9 percent below its 52-week high on
Feb. 16, 2021 and 64.9 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.5 percent in the past 5 days and rose 3.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
27 on a trailing basis and 16.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.84t
* 30-day price volatility rose to 15.18 percent compared with
15.08 percent in the previous session and the average of 13.88 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 48.7776| 2.2| 37/11
Financials | 46.2215| 0.8| 19/7
Energy | 21.9138| 1.0| 12/8
Consumer Staples | 8.1953| 1.3| 9/2
Communication Services | 7.0016| 0.8| 6/1
Utilities | 2.8451| 0.3| 9/7
Real Estate | 1.9424| 0.3| 18/8
Consumer Discretionary | 1.5443| 0.2| 6/7
Health Care | 0.8660| 0.3| 4/5
Information Technology | -3.7808| -0.2| 3/7
Industrials | -13.5306| -0.6| 11/18
US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — U.S. stocks dropped after the biggest rally in nine months spurred speculation about excessive investor optimism. Treasuries stabilized, following a recent spike in yields. The dollar retreated. Technology shares led losses in the S&P 500 as Apple Inc. and Tesla Inc. dragged down the Nasdaq 100 — with the electric- car maker tumbling more than 4%. Target Corp. sank on an underwhelming profitability outlook. Rocket Cos., a Detroit- based holding company, soared after a news report that the stock could become a Reddit target for its high short-interest.
Bullishness among Wall Street strategists is near levels that have presaged potential trouble for stocks, according to a Bank of America Corp. gauge. The measure assesses the average recommended allocation to equities and is close to triggering a sell signal. A valuation methodology, sometimes called Fed model that compares corporate profits to bond rates, recently showed stocks were losing their edge. Earlier Tuesday, China’s top banking regulator said he was “very worried” about risks from bubbles in global financial markets.
Last week, the correlation between real yields and U.S. equities dropped to its most-negative level in five years. That strong inverse relationship suggests inflation-adjusted Treasury rates have reached a point where further gains could quickly send the S&P 500 lower — as they feed into steeper borrowing costs and lessen the appeal of other assets. The benchmark gauge of American shares has surged more than 70% from its March 2020 lows. For Bill Northey, senior investment director at U.S. Bank Wealth Management, rising rates are seen as an important element of what’s “giving investors pause at this point in time.” He also noted that they’re relevant when it comes to figuring out the appropriate level of valuations against the stream of corporate earnings. “Did we come too far, too fast in pricing in a strong economy and corporate earnings recovery?” he said.

There are some key events to watch this week:
* U.S. Federal Reserve Beige Book is due Wednesday.
* OPEC+ meeting on output Thursday.
* U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.
* The February U.S. employment report on Friday will provide an
update on the speed and direction of the nation’s labor market recovery.

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% at 4 p.m. New York time.
* The Stoxx Europe 600 Index increased 0.2%.
* The MSCI Asia Pacific Index declined 0.4%.
* The MSCI Emerging Market Index decreased 0.1%.
Currencies
* The Bloomberg Dollar Spot Index decreased 0.3%.
* The euro gained 0.3% to $1.2089.
* The Japanese yen was unchanged at 106.76 per dollar.
Bonds
* The yield on 10-year Treasuries fell one basis point to 1.41%.
* Germany’s 10-year yield dipped two basis points to -0.35%.
* Britain’s 10-year yield decreased seven basis points to 0.687%.
Commodities
* West Texas Intermediate crude fell 1.6% to $59.65 a barrel.
* Gold rose 0.5% to $1,733.71 an ounce.
* Silver added 0.5% to $26.71 per ounce.

–With assistance from Andreea Papuc, Joanna Ossinger, Namitha Jagadeesh, Lynn Thomasson, Cormac Mullen and Lu Wang.
Have a great night.

Be magnificent!

As ever,

Carolann

Quality is more important than quantity.  One home run
is much better than two doubles. –Steve Jobs, 1955-2011

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

“March is the month of expectation,” wrote Emily Dickinson.
March comes in like a lion and goes out like a lamb.

On March 1, 1961, President John F. Kennedy issued an executive order creating the Peace Corps, enlisting men and women for voluntary,
unpaid service in developing countries around the world.  
Go to article »

1872~ Yellowstone National Park established.

1975~the Five Nations Rugby Championship match between Scotland and Wales at Murrayfield Stadium in Edinburgh attracts a world record attendance of 104,000.  Scotland win 12-10.

PHOTOS OF THE DAY

The waning gibbous moon appears in the sky following the weekend’s full “Snow Moon”, near the Eiffel Tower in Paris
CREDIT: THOMAS COEX/AFP

Vinzenz Geiger of Germany competes during the Men’s Nordic Combined Team event at the FIS Nordic World Ski Championships Oberstdorf 
CREDIT: ALEXANDER HASSENSTEIN.GETTY IMAGES

Sophia Gibson holds a Crocus on the first day of Meteorological Spring at Kirkstall Abbey Park in Leeds, Yorkshire.
CREDIT: DANNY LAWSON/PA
Market Closes for March 1^st, 2021

Market Index	Close	Change
Dow Jones	31535.51	+603.14
		+1.95%
S&P 500	3901.82	+90.67
		+2.38%
NASDAQ	13588.828	+396.482 +3.01%
TSX	18299.62	+239.36
		+1.33%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29663.50	+697.49
		+2.41%
HANG SENG	29452.57	+472.36
		+1.63%
SENSEX	49849.84	+749.85
		+1.53%
FTSE 100*	6588.53	+105.10 +1.62%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.344	1.355
CND. 30 Year Bond	1.768	1.763
U.S.    10 Year Bond	1.4170	1.4049
U.S. 30 Year Bond	2.1906	2.1513

Currencies

BOC Close	Today	Previous
Canadian $	0.7909	0.78506
US $	1.2644	1.2738
Euro Rate 1 Euro=		Inverse
Canadian $	1.5234	0.6564
US $	1.2048	0.8299

Commodities

Gold	Close	Previous
London Gold Fix	1742.85	1779.65
Oil
WTI Crude Future	60.64	61.50

Market Commentary:
     On this day in 1935, the first U.S. savings bond (Series A) was issued after Treasury Secretary Henry Morgenthau observed that the U.S. lacked a government savings plan like those of France and Britain.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares rallied with the broader equity markets, after investors shook off concern about the impacts of higher Treasury yields. The S&P/TSX Composite index rose 1.3% in Toronto, the most since Feb. 1, after falling the previous two sessions. Health care, led by pot stocks, was the best- performing sector. Aerospace stocks led the rally in industrials on vaccine optimism. On the M&A front, deals among cashed-up mining companies are poised to pick up once lingering uncertainties from the pandemic dissipate, according to the most-active investment bank in the industry. Miners are flush with cash and ready to expand through acquisitions, with resurgent demand and supply shortfalls driving up metals prices and company earnings to levels not seen for a decade, according to global metals and mining group co-heads Ilan Bahar and Jamie Rogers of BMO Capital Markets. The firm is hosting one of the world’s largest mining conferences this week.
Commodities
* Western Canadian Select crude oil traded at an $11.30 discount to West Texas Intermediate
* Spot gold fell -0.5% to $1,725.41 an ounce
FX/Bonds
* The Canadian dollar rose 0.7% to C$1.2651 per U.S. dollar
* The 10-year Canada government bond yield fell to 1.341%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 1.3 percent at 18,299.62 in Toronto. The move was the biggest since rising 2.1 percent on Feb. 1 and follows the previous session’s decrease of 0.9 percent. Enbridge Inc. contributed the most to the index gain, increasing 2.3 percent. CAE Inc. had the largest increase, rising 12.8 percent. Today, 161 of 219 shares rose, while 57 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 5 percent
* The index advanced 13 percent in the past 52 weeks. The MSCI
AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 1.5 percent below its 52-week high on
Feb. 16, 2021 and 63.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.6 percent in the past 5 days and rose 3.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
26.8 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.8t
* 30-day price volatility rose to 15.08 percent compared with
14.58 percent in the previous session and the average of 13.79 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 76.9525| 1.4| 25/1
Industrials | 56.8737| 2.6| 24/5
Energy | 33.8401| 1.6| 12/10
Information Technology | 26.6111| 1.3| 10/0
Consumer Discretionary | 14.4139| 2.0| 13/0
Communication Services | 10.2240| 1.2| 7/0
Health Care | 7.9055| 2.8| 9/0
Real Estate | 7.8772| 1.4| 25/1
Utilities | 6.4791| 0.8| 13/3
Consumer Staples | 3.5244| 0.6| 7/4
Materials | -5.3444| -0.2| 16/33
US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed as confidence returned to markets, with investors shaking off concern about the impacts of higher Treasury yields. In a broad-based rally, the S&P 500 notched its biggest advance in almost nine months, the Nasdaq Composite jumped 3% while the Russell 2000 of small caps outperformed. GameStop Corp. added to last week’s surge of over 150%, with retail investors promoting the stock on social-media platforms such as Reddit and StockTwits. After the close of regular trading, Zoom Video Communications Inc. soared as its revenue forecast topped Wall Street’s estimates.
Longer-dated Treasuries resumed their selloff even as intermediate maturities found support, with traders priming themselves for how Federal Reserve officials slated to speak this week might respond to the recent tumult. Investors piled back into risk assets as stocks rebounded following a rout that was triggered by concern that massive stimulus as well as progress in battling the coronavirus have left some areas of the economy at risk of possibly overheating. The S&P 500 extended a rally from its March 2020 lows to about 75%. “Equity investors are still looking at the rise in rates mostly as ‘a good thing’ and not yet as a threat, notwithstanding some shaking of the tree in high multiple stocks and other parts of the market last week,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group.
“The benefits of the vaccines versus the challenge of higher rates will be the theme this year.” Bitcoin rallied after a volatile weekend session, riding a broad resurgence in risk assets and a bullish report from Citigroup Inc. The bank’s strategists laid out a case for the digital asset to play a bigger role in the global financial system, saying the cryptocurrency could become “the currency of choice for international trade” in the years ahead.
There are some key events to watch this week:
* U.S. Federal Reserve Beige Book is due Wednesday.
* OPEC+ meeting on output Thursday.
* U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.
* The February U.S. employment report on Friday will provide an
update on the speed and direction of the nation’s labor market recovery.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index surged 2.4% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index climbed 1.8%.
* The MSCI Asia Pacific Index advanced 1.8%.
* The MSCI Emerging Market Index rose 1.7%.
Currencies
* The Bloomberg Dollar Spot Index dipped 0.1%.
* The euro declined 0.2% to $1.2046.
* The Japanese yen depreciated 0.2% to 106.78 per dollar.
Bonds
* The yield on 10-year Treasuries rose two basis points to 1.43%.
* Germany’s 10-year yield sank seven basis points to -0.33%.
* Britain’s 10-year yield declined six basis points to 0.759%.
Commodities
* West Texas Intermediate crude declined 1.8% to $60.40 a
barrel. * Gold fell 0.6% to $1,723.42 an ounce.
* Silver dropped 0.6% to $26.51 per ounce.

–With assistance from Joanna Ossinger, Andreea Papuc, Emily Barrett and Lynn Thomasson.

Have a great night.

Be magnificent!
As ever,

Carolann

It is better for fail in originality than to succeed in imitation.
                                         -Herman Melville, 1819-1891

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.
Full moon tonight.  The “snow moon” is so named because February is the month when there is the greatest snowfall.

February 26^th, 1848: Communist manifesto published
1919: Grand Canyon National Park established.
On Feb. 26, 1993, a bomb exploded in the garage of New York’s World Trade Center, killing six people and injuring more than 1,000 others. Go to article »

Victor Hugo, writer, b. 1802
Johnny Cash, singer, songwriter, b. 1932

Lives Lived: In 1974, Rajie Cook’s design firm won a contract to develop symbols that could efficiently convey information in public places. The 34 pictographs Cook helped come up with — depicting bathrooms, train stations, airports and more — are still in use. Cook died at 90.

PHOTOS OF THE DAY

An early morning walker passes in front of the Snow Moon as it sets over Victoria Tower, Castle Hill, Huddersfield. The tower was built to commemorate Queen Victoria’s Diamond Jubilee of 1897 however the history of human activity on the Castle Hill dates back over 4000 years
CREDIT:MARK COSGROVE/NEWS IMAGES

Children in fancy dress in Stamford Hill during Purim in London, England. Purim is usually celebrated by Jewish communities around the world with parades and costume parties. Purim commemorates the defeat of Haman, the advisor to the Persian king, and his plot to massacre the Jewish people, 2,500 years ago, as recorded in the biblical book of Esther. This year the celebration will be scaled back significantly, with Rabbis asking that, among other measures, mishloach manos traditional gifts of food to family and friends be left on doorsteps with people stepping back to a safe distance.
CREDIT: DAN KITWOOD/GETTY IMAGES

People celebrate the Jewish holiday of Purim in the Brooklyn borough of New York City
CREDIT: REUTERS/STEPHAINE KEITH

Early morning mist in Richmond Park, London
CREDIT: JOHN WALTON/PA
Market Closes for February 26^th, 2021

Market Index	Close	Change
Dow Jones	30932.37	-469.64
		-1.50%
S&P 500	3811.15	-18.19
		-0.47%
NASDAQ	13192.346	+72.915 +0.56%
TSX	18060.26	-163.28
		-0.90%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28966.01	-1202.26
		-3.99%
HANG SENG	28980.21	-1202.26
		-3.99%
SENSEX	49099.99	-1939.32
		-3.80%
FTSE 100*	6483.43	-168.53 -2.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.355	1.460
CND. 30 Year Bond	1.763	1.915
U.S.    10 Year Bond	1.4049	1.5199
U.S. 30 Year Bond	2.1513	2.2734

Currencies

BOC Close	Today	Previous
Canadian $	0.78506	0.7934
US $	1.2738	1.2605
Euro Rate 1 Euro=		Inverse
Canadian $	1.5379	0.65024
US $	1.2074	0.82823

Commodities

Gold	Close	Previous
London Gold Fix	1779.65	1788.00
Oil
WTI Crude Future	61.50	63.57

Market Commentary:
     On this day in 1987, Templeton Emerging Markets Fund, the first portfolio of emerging markets stocks for retail investors, was launched.
Canada
By Michael Bellusci
(Bloomberg) — Canadian shares fell for a second week after a spike in U.S. Treasury yields pressured prices across the equity spectrum. The S&P/TSX Composite Index fell 0.9% Friday to its lowest level since Feb. 4. Tech rose while energy and materials led the decliners. Oil fell the most since November with a stronger dollar and concerns surrounding inflation weighing on crude’s best start to the year on record. Gold headed for its worst month since late 2016 as a stronger dollar and expectations for improving economies diminish demand for the haven asset. Canadian banks just posted encouraging earnings increases. But whether they can keep up the momentum depends on what happens in the bond market to the south. Mark Machin quit as head of Canada Pension Plan Investment Board after he went to the United Arab Emirates and received a Covid-19 vaccine, defying guidance from Justin Trudeau’s government to avoid international travel.
Commodities
* Western Canadian Select crude oil traded at an $11.00 discount to West Texas Intermediate
* Spot gold fell 2% to $1,734.75 an ounce
FX/Bonds
* The Canadian dollar fell 1% to C$1.2728 per U.S. dollar
* The 10-year Canada government bond yield fell 11 basis points to 1.352%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.9 percent, or 163.28 to 18,060.26 in Toronto. The index dropped to the lowest closing level since Feb. 4. Royal Bank of Canada contributed the most to the index decline, decreasing 1.8 percent. Pretium Resources Inc. had the largest drop, falling 8.8 percent. Today, 139 of 219 shares fell, while 79 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 4.2 percent
* So far this week, the index fell 1.8 percent
* The index advanced 6 percent in the past 52 weeks. The MSCI AC
Americas Index gained 23 percent in the same period
* The S&P/TSX Composite is 2.8 percent below its 52-week high on
Feb. 16, 2021 and 61.6 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of
26.8 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.82t
* 30-day price volatility rose to 14.58 percent compared with
14.33 percent in the previous session and the average of 13.13 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -75.8765| -1.3| 8/18
Materials | -74.9558| -3.3| 10/40
Energy | -53.4874| -2.4| 2/19
Industrials | -7.6015| -0.3| 17/12
Consumer Staples | -5.4387| -0.9| 2/9
Communication Services | -4.9347| -0.6| 3/4
Utilities | -4.4946| -0.5| 5/11
Health Care | 0.4198| 0.1| 5/4
Real Estate | 1.6118| 0.3| 13/13
Consumer Discretionary | 7.9870| 1.1| 9/4
Information Technology | 53.4739| 2.8| 5/5
US
By Vildana Hajric
(Bloomberg) — U.S. tech stocks staged a modest rebounded on the last day of a tumultuous week as a global bond rout eased, sending the yield on 10-year Treasuries tumbling below 1.5%. Gains for Microsoft Corp. and Amazon.com Inc. helped lift the Nasdaq 100 about 0.6%. Energy producers and banks were among the worst performers, dragging down the Dow Jones Industrial Average. The dollar jumped for a second day, helping fuel a slump in commodities from oil to gold to copper. Asian shares tumbled in line with Thursday’s rout in the U.S., and European gauges also closed lower. Global bonds stabilized after central banks from Asia to Europe moved to calm a panic that had sent U.S. government bond yields to their highest level in a year and spurred a selloff in stock markets. Investors are getting increasingly worried that accelerating inflation could trigger a pullback in monetary policy support that has fueled gains in risk assets amid the pandemic. Federal Reserve Chairman Jerome Powell says higher Treasury yields reflect optimism on the outlook for growth and officials have stressed that the central bank has no plans to tighten policy given lingering weakness in the labor market. “Higher rates will create a situation where investors will not accept the kind of sky-high valuations that they’ve been willing to accept in recent years,” wrote Matt Maley, chief market strategist at Miller Tabak + Co. “Although what Chairman Powell said this week was bullish for the economy, it was not particularly bullish for the stock market.” The Nasdaq 100 pared its weekly loss to about 5%, still the worst since October, amid concern that valuations for tech stocks that soared during the pandemic have gotten out of hand. Elsewhere, copper slid the most in four months, falling from a nine-year high. Gold fell to the lowest since June. Emerging-market stocks posted the worst weekly loss in almost a year. Bitcoin fell below $47,000.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index fell 0.5% as of 4 p.m. in New York.
* The Stoxx Europe 600 index dropped 1.6%.
* The MSCI Asia Pacific index declined 3.7%.
* The MSCI Emerging Markets index retreated 3.2%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%.
* The euro was 0.8% lower at $1.2075.
* The British pound fell 0.6% to $1.3935.
* The Japanese yen slipped 0.4% to 106.58 per dollar.
Bonds
* The yield on 10-year Treasuries tumbled 10 basis point to 1.42%.
* Germany’s 10-year yield dropped three basis points to -0.26%.
* The yield on U.K. 10-year bonds rose four basis points to 0.82%
Commodities
* West Texas Intermediate crude fell 2.8% to $61.73 a barrel.
* Gold fell 2.2% to $1,732.10 an ounce.
–With assistance from Emily Barrett, Cormac Mullen and Robert Brand.
Have a wonderful weekend.

Be magnificent!
As ever,

Carolann

As you grow older, you’ll find the only regrets
are the things you didn’t do. –Zachary Scott, 1914-1965

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
February 25, 1964 – Cassius Clay (Muhammad Ali) becomes heavyweight champ.
February 25, 1570  – Pope Pius V excommunicated England’s Queen Elizabeth I. Go to article>>

Auguste Renoir, painter, b. 1841

Dunkin’ is now selling avocado toast.  Breakfast is about to get more bougie. 

No flat map of our round world can be perfect, but a new one aims to be better.

“Klara and the Sun,” the eighth novel by the Nobel laureate Kazuo Ishiguro, portrays a future in which artificial intelligence has encroached on every sphere of human life. Read the review.

New study suggest supermassive black holes could form from dark matter

PHOTOS OF THE DAY

Flames and smoke billowing from a crater, as seen from the southern side of the Mt Etna volcano, tower over the city of Pedara. Europe’s most active volcano has been steadily erupting since last week, belching smoke, ash, and fountains of red-hot lava
CREDIT: AP PHOTO/SALVATORE ALLEGRA

Big Bang Online Science Festival 2021 Launch, Pictured is The Veil Nebula, a huge, feathery cloud of heated gas and dust in the constellation Cygnus – pictured by 16-year-old Scottish astro-photographer Helena Cochrane from Wigtown, Dumfries & Galloway
CREDIT: HELENA COCHRANE

Workers dry huge sheets of coloured cotton by throwing them down a grassy hillside. The fabric is dyed with bright colours before intricate patterns of dots and lines are made on the material.  Surakarta, Java, Indonesia
CREDIT: PRASAD MALGAONKAR/SOLENT NEWS & PHOTO AGENCY

Market Closes for February 25^th, 2021

Market Index	Close	Change
Dow Jones	31402.01	-559.85
		-1.75%
S&P 500	3829.34	-96.09
		-2.45%
NASDAQ	13119.431	-478.535 -3.52%
TSX	18223.54	-260.99
		-1.41%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30168.27	+496.57
		+1.67%
HANG SENG	30074.17	+355.93
		+1.20%
SENSEX	51039.31	+257.62
		+0.51%
FTSE 100*	6651.96	-7.01 -0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.460	1.312
CND. 30 Year Bond	1.915	1.882
U.S.    10 Year Bond	1.5199	1.3765
U.S. 30 Year Bond	2.2734	2.2325

Currencies

BOC Close	Today	Previous
Canadian $	0.7934	0.7992
US $	1.2605	1.2512
Euro Rate 1 Euro=		Inverse
Canadian $	1.5343	0.6517
US $	1.2175	0.8214

Commodities

Gold	Close	Previous
London Gold Fix	1788.00	1799.65
Oil
WTI Crude Future	63.57	63.18

Market Commentary:
     On this day in 1862, Pres. Abraham Lincoln signed the Legal Tender Act, putting the U.S. government in the business of printing paper money. Previously, most money had been printed privately by local banks.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks fell Thursday after a selloff in global bonds deepened. The S&P/TSX Composite Index fell 1.4% to its lowest level since February 5. Nine of eleven sectors dropped. Consumer staples remained a bright spot after earnings beats, with Maple Leaf Foods Inc. and Loblaw Cos. advancing. Canada’s largest banks have managed to reignite earnings growth — even when compared with pre-pandemic times. Meanwhile, stock bulls had been brushing aside the risk of higher yields, saying it’s a vote of confidence in the economic recovery that bodes well for corporate earnings. But the rout in fixed income may signal some market adjustments where stocks can’t be spared. In a note earlier this month, Goldman strategists said that stocks typically fall on average in a given month when rates increase by two or more standard deviations, which is 36 basis points in today’s terms.
Commodities
* Western Canadian Select crude oil traded at a $11.00 discount to West Texas Intermediate
* Spot gold fell 1.9% to $1,771.22 an ounce
FX/Bonds
* The Canadian dollar fell 0.7% to C$1.2605 per U.S. dollar
* The 10-year Canada government bond yield rose 15 basis points to 1.460%, highest since Jan. 2020

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 1.4 percent at 18,223.54 in Toronto. The move was the biggest since falling 1.8 percent on Jan. 29 and follows the previous session’s increase of 0.8 percent. Shopify Inc. contributed the most to the index decline, decreasing 3.7 percent. Aphria Inc. had the largest drop, falling 8.9 percent. Today, 157 of 219 shares fell, while 62 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 5.1 percent
* So far this week, the index fell 0.9 percent
* The index advanced 6.1 percent in the past 52 weeks. The MSCI
AC Americas Index gained 23 percent in the same period
* The S&P/TSX Composite is 1.9 percent below its 52-week high on
Feb. 16, 2021 and 63.1 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.3 percent in the past 5 days and rose 1.8 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
27.3 on a trailing basis and 16.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.86t
* 30-day price volatility rose to 14.33 percent compared with
13.58 percent in the previous session and the average of 12.85 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -74.1028| -1.3| 7/19
Materials | -67.3040| -2.9| 6/44
Information Technology | -56.4740| -2.9| 0/10
Energy | -47.2461| -2.1| 2/20
Health Care | -10.8474| -3.7| 2/7
Real Estate | -5.7915| -1.0| 7/19
Consumer Discretionary | -5.3486| -0.7| 5/8
Utilities | -4.2617| -0.5| 5/11
Industrials | -4.1063| -0.2| 13/16
Communication Services | 4.2361| 0.5| 5/2
Consumer Staples | 10.2553| 1.7| 10/1
US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — Tech shares led a rout in U.S. stocks while the selloff in global bonds deepened, with the benchmark Treasury yield spiking to a one-year high and debt from the U.K. to Australia coming under pressure. The Nasdaq 100 tumbled 3.6%, the most since October, as investors rotated away from pandemic-era winners toward companies poised to benefit from an end to lockdowns. About 10 stocks fell for every one that gained on the S&P 500. Cathie Wood’s ARK Innovation ETF extended its decline, leaving it 15% lower for the week. Stocks popular with the day-trader crowd surged once again, with GameStop Corp. doubling at one point before ending 19% higher. Earnings that came after the close were mixed.
Airbnb Inc. rose about 4% in late trading after reporting sales that beat estimates, while DoorDash Inc. fell about 14% after losses more than doubled from a year earlier. Beyond Meat Inc. added about 7% after announcing a partnership with McDonald’s.  Ten-year Treasury yields spiked after tepid demand at an auction for government bonds, surging as much as 23 basis points to 1.6%, the highest since last February. The increase forced a crucial group of investors such as holders of mortgage securities to sell Treasuries, which in turn led to further increases in yields. Across markets, investors are betting on a sunnier outlook for the global economy, with U.S. jobless claims data the latest to support that idea. But some traders worry that resurgent growth is already priced into stocks, and they’re staring down the risk that accelerating inflation is just around the corner, a development that would dent the appeal of equities.
“It’s all about interest rates,” said Randy Frederick, vice president of trading and derivatives for Schwab Center for Financial Research. Tech “has been a relative outperformer. As it led on the way up, it will likely lead on the way down too.” In remarks this week, Federal Reserve Chairman Jerome Powell offered reassurance that policy would continue to be supportive and look beyond a temporary pick-up in inflation, especially from a low base. That’s given the bond market enough reason to keep driving yields higher. The 10-year U.S. yield adjusted for inflation rose to its highest level since June, a warning sign for riskier assets that have benefited from exceptionally loose financial conditions amid the pandemic. Elsewhere in markets, Asian bourses closed broadly higher. Bitcoin traded just below $50,000.

Some key events to watch this week:
* Finance ministers and central bankers from the Group of 20
will meet virtually Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index fell 2.5% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index surged 0.8%.
* The MSCI Emerging Market Index added 0.2%.
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%.
* The euro climbed 0.1% to $1.2173.
* The British pound fell 0.8% to $1.4024.
* The Japanese yen weakened 0.3% to 106.22 per dollar.
Bonds
* The yield on 10-year Treasuries increased 15 basis points to 1.52%.
* Germany’s 10-year yield jumped seven basis points to -0.23%.
* Britain’s 10-year yield increased five basis points to 0.78%.
Commodities
* West Texas Intermediate crude rose 0.4% to $63.45 a barrel.
* Gold weakened 1.8% to $1,773.03 an ounce.
–With assistance from Joanna Ossinger, Lu Wang, Andreea Papuc, Emily Barrett, Cecile Gutscher and Dave Liedtka.

Have a great night.

Be magnificent!

As ever,

Carolann

Champions aren’t made in gyms.  Champions are made from something they have deep inside them: a desire, a dream, a vision.
They have to have last-minute stamina, they have to be a little faster, they have to have the skill and the will.
But the will must be stronger than the skill. -Muhammed Ali, 1942-2016.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

Steve Jobs, founder Apple Computer, b. 1955
George Harrison, musician, b. 1943

On this day 1903, the United States signed an agreement acquiring a naval station at Guantanamo Bay in Cuba. Go to article>>

Arturo Di Modica hoped his bull would soothe investors. The Italian sculptor, who has died at age 80, surreptitiously installed a bronze statue in New York a couple of years after the Black Monday crash.

Eddie Murphy and Arsenio Hall talk about their friendship and the long-awaited sequel to the 1988 comedy “Coming to America.”

The sheet pan, long the bedrock of many American restaurants and bakeries, has become a home cooking star.  Sheet pans were first popularized by Martha Stewart, who used them on her first TV show in the 1990s. Now a wave of recipes and a new genre of weeknight cooking provide an entire meal on the pan. Here’s how the unassuming pan became a social media darling, and what to look for when you buy one.  “If you saw how many sheet pans I owned, you would be quite horrified,” Ms. Stewart said. “I have a lot of sheet pans.”  Our Cooking team developed 20 sheet pan recipes for breakfast, lunch and dinner. Above, gochujang chicken and roasted vegetables. -from The New York Times.

PHOTOS OF THE DAY

A Kyrgyz berkutchi (eagle hunter) launches his bird, a golden eagle, during the hunting festival “Salburun” in the village of Tuura-Suu, Kyrgyzstan
CREDIT:VYACHESLAV OSELEDKO/AFP VIA GETTY IMAGES

Fans take selfies with a man whose body is painted in the colours of India and England before the start of the third test match between India and England in Ahmedabad, India
CREDIT: AMIT DAVE/REUTERS

Mother Marina and baby Vivienne (no last name given) amongst daffodils in St James’s Park, London, with forecasters predicting “the first signs of spring” will be felt across much of the UK in the coming days
CREDIT: AARON CHOWN/PA

The main crop of Jersey Royals for M&S is planted in the Channel Islands
CREDIT:ANDY LE GRESLEY
Market Closes for February 24^th, 2021

Market Index	Close	Change
Dow Jones	31961.86	+424.51
		+1.35%
S&P 500	3925.43	+44.06
		+1.14%
NASDAQ	13597.965	+132.767 +0.99%
TSX	18484.53	+154.44
		+0.84%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29671.70	-484.33
		-1.61%
HANG SENG	29718.24	-914.40
		-2.99%
SENSEX	50781.69	+1030.28
		+2.07%
FTSE 100*	6658.97	+33.03 +0.50%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.312	1.246
CND. 30 Year Bond	1.882	1.852
U.S.    10 Year Bond	1.3765	1.3399
U.S. 30 Year Bond	2.2325	2.1823

Currencies

BOC Close	Today	Previous
Canadian $	0.7992	0.7943
US $	1.2512	1.2589
Euro Rate 1 Euro=		Inverse
Canadian $	1.5224	0.6568
US $	1.2166	0.8220

Commodities

Gold	Close	Previous
London Gold Fix	1799.65	1807.45
Oil
WTI Crude Future	63.18	61.62

Market Commentary:
     On this day in 1982, the first stock-index futures began trading, as futures contracts on the Value Line stock index opened for dealing in the pits of the Kansas City Board of Trade.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained the most in two and a half weeks after a retreat in the previous session. The S&P/TSX Composite Index rose 0.8%, with gains in seven of eleven sectors. Health care and financials led the way while utilities dropped. Royal Bank of Canada’s capital-markets operation powered earnings in the fiscal first quarter, with volatile stock markets driving record profit from the division. Toronto’s financials index was propelled to a record high after multiple bank earnings this week. Canada’s utility stocks fell for their 12th straight session, the longest losing streak since July of 2017. Rising yields on bonds reduce the attractiveness of utilities as a safe-haven for dividend-oriented investors.
Commodities
* Western Canadian Select crude oil traded at a $10.80 discount to West Texas Intermediate
* Spot gold fell 0.1% to $1,804 an ounce
FX/Bonds
* The Canadian dollar rose 0.6% to C$1.2511 per U.S. dollar
* The 10-year Canada government bond yield rose 7 basis points to 1.32%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.8 percent at 18,484.53 in Toronto. The move was the biggest since rising 1.1 percent on Feb. 8 and follows the previous session’s decrease of 0.5 percent. Today, financials stocks led the market higher, as 7 of 11 sectors gained; 155 of 219 shares rose, while 57 fell. Bank of Nova Scotia contributed the most to the index gain, increasing 3.0 percent. Aphria Inc. had the largest increase, rising 11.0 percent.
Insights
* This month, the index rose 6.6 percent
* The index advanced 5.2 percent in the past 52 weeks. The MSCI
AC Americas Index gained 23 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on
Feb. 16, 2021 and 65.4 percent above its low on March 23, 2020
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 3.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28.2 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.84t
* 30-day price volatility rose to 13.58 percent compared with
13.43 percent in the previous session and the average of 12.79 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 90.4992| 1.6| 18/7
Materials | 22.2825| 1.0| 41/7
Energy | 20.3657| 0.9| 21/1
Industrials | 18.2482| 0.8| 23/5
Real Estate | 8.7455| 1.5| 19/5
Consumer Discretionary | 6.6259| 0.9| 10/3
Health Care | 5.4950| 1.9| 8/1
Information Technology | -0.1498| 0.0| 4/5
Communication Services | -4.1077| -0.5| 2/5
Consumer Staples | -4.1982| -0.7| 4/7
Utilities | -9.3650| -1.1| 5/11
US
By Lu Wang and Kamaron Leach
(Bloomberg) — U.S. equities reversed losses and staged a rally as Federal Reserve Chairman Jerome Powell reaffirmed his view that the economy needs support. Government bond yields climbed along with oil prices. Energy and industrial companies led gains in the S&P 500 Index, offsetting weakness for tech stocks. Banks advanced, sending an industry gauge to its highest since 2007, and small caps rallied more than 2% after U.S. regulators said Johnson & Johnson’s Covid-19 vaccine is safe and effective. Tesla Inc. gained after Ark Investment Management’s Cathie Wood said she bought shares during this week’s selloff. U.S. 10-year yields touched 1.43%, the highest since February 2020, before paring the increase.
Powell, testifying before lawmakers, said the U.S. economy still had a long way to go to reach maximum employment and the Fed’s inflation target, a signal he wants to remain accommodative. Equity investors are weighing predictions for a post-pandemic surge in economic activity and corporate earnings with concerns that higher interest rates could dent the appeal of stocks. “Mr. Powell didn’t say anything different than he has been saying for a couple of months now,” said Matt Maley, chief market strategist at Miller Tabak & Co. “But his comments gave investors confidence that the Fed is still keen on helping asset prices push higher, so they bought on weakness with both hands.” In Europe, the Stoxx 600 climbed. Travel shares and construction companies were among the top performers. Meanwhile, Asian stocks tumbled, led by a retreat in Hong Kong after the city announced its first stamp-duty increase on stock trades since 1993.
Mainland-based funds sold a record $2.6 billion worth of Hong Kong stocks through exchange links with Shenzhen and Shanghai. The Hang Seng Index closed down 3%, the biggest retreat in nine months. Bitcoin climbed back toward $50,000. The rebound follows a tough week for the digital currency after skeptical comments from Microsoft Corp. co founder Bill Gates and Treasury Secretary Janet Yellen. “There’s definitely a debate going on within the market both in terms of interest rates and inflation, but also in terms of economic growth,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “It’s this whole growth-versus-value investing style discussion that happened last year, and now in 2021 I would say it’s been more mixed.”
Some key events to watch this week:
* Finance ministers and central bankers from the Group of 20 will meet virtually
Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index rose 1.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index gained 0.5%.
* The MSCI Asia Pacific Index fell 1.9%.
* The MSCI Emerging Market Index fell 1.4%.
Currencies
* The Bloomberg Dollar Spot Index slipped 0.2%.
* The euro strengthened 0.1% to $1.2166.
* The British pound rose 0.2% to $1.4139.
* The Japanese yen weakened 0.6% to 105.86 per dollar.
Bonds
* The yield on 10-year Treasuries jumped four basis points to 1.38%.
* Germany’s 10-year yield rose one basis point to -0.31%.
* Britain’s 10-year yield rose one basis point to 0.73%.
Commodities
* West Texas Intermediate crude gained 2.5% to $63.23 a barrel.
* Gold slid 0.2% to $1,801.34 an ounce.
–With assistance from Joanna Ossinger, Sophie Caronello, Andreea Papuc and Anchalee Worrachate.
Have a great night.

Be magnificent.

As ever,

Carolann

Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.  ― Steve Jobs,  1955-2011.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: 1945, Iwo Jima Day

On Feb. 23, 1954, the first mass inoculation of children against polio with the Salk vaccine began in Pittsburgh. Go to article »

Miners find 65-million-year-old opalized pearls.

105-year-old Covid survivor credits gin-soaked raisins for her health.

The Milky Way may be swarming with planets with oceans and continents

Have you seen NASA’s stunning, high-definition footage of its rover landing on the Martian surface? The clip released yesterday is the first time a spacecraft’s landing on Mars has been recorded in high-speed video, and NASA also shared the first sound ever recorded on the red planet.

Lawrence Ferlinghetti, the poet and publisher who nurtured the Beat movement from his famed San Francisco bookstore, City Lights, died at age 101.  An unapologetic proponent of “poetry as insurgent art,” Mr. Ferlinghetti, pictured in 1957, befriended, published and championed many of the major Beat poets, including Allen Ginsberg, Gregory Corso and Michael McClure.

Mongolia’s eagle hunters.  Deep in the Altai Mountains, where Russia, China, Kazakhstan and Mongolia meet, Kazakh people have for centuries developed and nurtured a special bond with golden eagles, training the birds to hunt foxes and other small animals. The ancient custom, traditionally passed down from father to son at a young age, is considered a great source of pride.  Claire Thomas, a war and conflict photographer, explores the relationships between animals and the people who depend on them in the latest edition of The World Through a Lens.

PHOTOS OF THE DAY

Astronomy Photographer of the Year People’s Choice Award: The Cave of the Wild Horses
CREDIT: BRYONY RICHARDS

Royal Navy Padre (Russel Fralick) from 45 Commando gazes at the Northern Lights standing next to a ten-man tent wearing a red head torch in Norway.
CREDIT: LPHOT JAMES CLARKE/ROYAL NAVY

People are silhouetted against the stunning red sky at sunrise in Blyth, Northumberland
CREDIT:OWEN HUMPHEREYS / PA

These cute fluffy newborn lambs have had their first taste of sunshine amongst the daffodils at Bocketts Farm in Surrey 
CREDIT: OLIVER DIXON

A badger forages for food in woodland bursting with snowdrops in Powys, Wales, the first sign that spring is just around the corner
CREDIT: THOMAS WINSTONE/NEWS IMAGES
Market Closes for February 23^rd, 2021

Market Index	Close	Change
Dow Jones	31537.35	+15.66
		+0.05%
S&P 500	3881.37	+4.87
		+0.13%
NASDAQ	13465.199	-67.749 -0.50%
TSX	18330.09	-86.65
		-0.47%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30156.03	+138.11
		+0.46%
HANG SENG	30632.64	+312.81
		+1.03%
SENSEX	49751.41	+7.09
		+0.01%
FTSE 100*	6625.94	+13.70 +0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.246	1.234
CND. 30 Year Bond	1.852	1.823
U.S.    10 Year Bond	1.3399	1.3653
U.S. 30 Year Bond	2.1823	2.1733

Currencies

BOC Close	Today	Previous
Canadian $	0.7943	0.7927
US $	1.2589	1.2615
Euro Rate 1 Euro=		Inverse
Canadian $	1.5301	0.6534
US $	1.2154	0.8227

Commodities

Gold	Close	Previous
London Gold Fix	1807.45	1786.20
Oil
WTI Crude Future	61.62	61.49

Market Commentary:
     On this day in 1965, Michael Dell was born. He later dropped out of the University of Texas at Austin to found Dell Computer Corp. to assemble made-to-order computers.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Tuesday though pared steeper losses, buffered by financial and industrial shares. The S&P/TSX Composite Index fell 0.5%. Shopify Inc. and Lightspeed POS Inc. both dropped more than 6%, leading tech lower. Financials gained after Bank of Nova Scotia and Bank of Montreal signaled that souring loans are becoming less of a concern. Commodities rose to their highest in almost eight years amid booming investor appetite for everything from oil to corn. Bank of Canada Governor Tiff Macklem indicated he plans to maintain plenty of stimulus in the economy well into a strong labor market recovery.
Commodities
* Western Canadian Select crude oil traded at a $11 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,804.99 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.2590 per U.S. dollar
* The 10-year Canada government bond yield rose 1.6 basis points to 1.246%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.5 percent at 18,330.09 in Toronto. The move follows the previous session’s increase of 0.2 percent. Today, information technology stocks led the market lower, as 7 of 11 sectors lost; 142 of 219 shares fell, while 76 rose. Shopify Inc. contributed the most to the index decline, decreasing 6.0 percent. Lightspeed POS Inc. had the largest drop, falling 7.7 percent.
Insights
* This month, the index rose 5.7 percent
* The index advanced 2.7 percent in the past 52 weeks. The MSCI AC Americas Index gained 18 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on
Feb. 16, 2021 and 64.1 percent above its low on March 23, 2020
* The S&P/TSX Composite is down 0.9 percent in the past 5 days and rose 2.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28.1 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.85t
* 30-day price volatility rose to 13.43 percent compared with
13.34 percent in the previous session and the average of 12.75 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -90.9134| -4.4| 1/9
Materials | -45.3268| -1.9| 8/42
Utilities | -10.8039| -1.2| 1/15
Health Care | -10.8010| -3.6| 2/7
Consumer Discretionary | -7.1881| -1.0| 4/9
Consumer Staples | -1.6123| -0.3| 3/8
Communication Services | -0.7973| -0.1| 2/5
Real Estate | 0.0896| 0.0| 12/14
Energy | 8.9838| 0.4| 14/8
Industrials | 15.4888| 0.7| 14/15
Financials | 56.2154| 1.0| 15/10
US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — The S&P 500 Index erased a drop to end the day higher after reassuring comments from Federal Reserve Chairman Jerome Powell on inflation and the outlook for growth spurred traders to buy the dip. The benchmark stock gauge closed 0.1% higher after declining as much as 1.8% amid a rout in technology shares on concern the high-flying stocks had become overvalued. The Nasdaq 100 ended just slightly lower, mostly erasing a loss that reached 3.5% after Powell signaled the Federal Reserve was nowhere close to pulling back on its support for the economy. Airlines, lodging companies and cyclical shares set to benefit from the end of pandemic lockdowns outperformed.
So-called growth shares are having their worst month against value counterparts in more than two decades as vaccination campaigns gather pace and bond yields hover near a one-year high. Bets on faster growth have pushed the gap between 5- and 30-year yields to the highest level in more than six years. As Powell reassured investors on stimulus, he voiced expectations for a return to more normal, improved activity later this year and said that higher bond yields reflected economic optimism, not inflation fears.
That helped fuel a return of the buy-the-dip mentality that has limited equity drawdowns in recent months, with investors betting on a global economic recovery spurred by vaccines and U.S. spending. “There was something in there for everyone today,” Leo Grohowski, chief investment officer at BNY Mellon Wealth Management, said in a Bloomberg TV interview. “Powell did recognize medium-term improvement in the economy but I think laid to rest some percolating inflation fears.” Elsewhere, stocks in Asia were mostly higher as European shares slumped. Bitcoin tumbled below $50,000 after a bout of volatility highlighted lingering doubts about the durability of the token’s rally.
Some key events to watch this week:
* EIA crude oil inventory report is out Wednesday.
* Finance ministers and central bankers from the Group of 20
will meet virtually Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index rose 0.1% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index rose 0.1%.
* The MSCI Emerging Market Index was little changed.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro fell 0.1% to $1.215.
* The British pound rose 0.4% to $1.4114.
* The Japanese yen fell 0.2% to 105.27 per dollar.
Bonds
* The yield on 10-year Treasuries was little changed at 1.36%.
* Germany’s 10-year yield jumped two basis points to -0.32%.
* Britain’s 10-year yield rose four basis points to 0.72%.
Commodities
* West Texas Intermediate crude rose 0.5% to $62.03 a barrel.
* Gold fell 0.2% to $1,805.81 an ounce.

–With assistance from John Ainger, Cecile Gutscher, Joanna Ossinger, Andreea Papuc and Sarah Ponczek.

Have a great night.

Be magnificent!
As ever,

Carolann

Nurture your minds with great thoughts.
To believe in the heroic makes heroes. –Benjamin Disraeli, 1804-1881

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

Movie Suggestion ~Gary and I watched  The Dig on Netflix on the weekend and we both really enjoyed it.  I recommend it if you haven’t seen it yet – fascinating story.

February 22, 1825~Russia and Britain establish Alaska-Canada boundary.

On Feb. 21, 1965, former Black Muslim leader Malcolm X was shot and killed by assassins identified as Black Muslims as he was about to address a rally in New York City; he was 39.  Go to article »

George Washington,  first U.S. President, b. 1732.
Arthur Schopenhauer, philosopher, b. 1788.
Business is booming at Boston’s only typewriter shop. (h/t Scott Kominers)

A 139 year-old Victorian house rolled downhill to a new address in quite the San Francisco spectacle yesterday. Check it out.

A podcast born in the U.S.A. Former President Barack Obama and Bruce Springsteen are liberal icons and rhapsodists about the dreams and travails of everyday Americans. Now, the two friends are also podcast hosts.  Spotify today released the first two episodes of “Renegades: Born in the USA,” in which the men discuss race, fatherhood and the painful divisions that persist in American society.  Although the show is positioned as an attempt to understand these divisions, Mr. Obama and Mr. Springsteen largely avoid politics and stick to personal stories.
Another advantage of being rich is that all your faults are called eccentricities. -Anonymous.

PHOTOS OF THE DAY

Icicles hang from the American Falls, one side of Niagara Falls, in New York, USA
CREDIT:LINDSAY DEDARIO/REUTERS

Seth, Moose, Diva, Bella, Sergei, Aki, Mabel, Luna and Blu, nine German Shepherd pups, line up for a photo opportunity in a garden in the Isle of Man
CREDIT: CARA QUALTROUGH/ SPLIT SECOND PHOTOGRAPHY / SWNS.COM

Lion pauses, as if to decide where she is going to go next, at Nairobi National Park in Kenya
CREDIT: SALIM VERJEE / CATERS NEWS AGENCY

Market Closes for February 22^nd, 2021

Market Index	Close	Change
Dow Jones	31521.69	+27.37
		+0.09%
S&P 500	3876.50	-30.21
		-0.77%
NASDAQ	13553.047	-341.416 -2.46%
TSX	18416.74	+32.47
		+0.18%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30156.03	+138.11
		+0.46%
HANG SENG	30319.83	-324.90
		-1.06%
SENSEX	39744.32	-1145.44
		-2.25%
FTSE 100*	6612.24	-11.78 -0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.234	1.207
CND. 30 Year Bond	1.823	1.794
U.S.    10 Year Bond	1.3653	1.3364
U.S. 30 Year Bond	2.1733	2.1335

Currencies

BOC Close	Today	Previous
Canadian $	0.7927	0.7827
US $	1.2615	1.2614
Euro Rate 1 Euro=		Inverse
Canadian $	1.5345	0.6516
US $	1.2164	0.8220

Commodities

Gold	Close	Previous
London Gold Fix	1786.20	1773.15
Oil
WTI Crude Future	61.49	59.24

Market Commentary:
     In 1980, the U.S. Department of Labor announced that the Consumer Price Index rose 1.4% in January alone, equating to an annualized inflation rate of 18% – the highest rise in prices since the 1973 oil crisis.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained Monday as commodities rose to their highest in almost eight years amid booming investor appetite for everything from oil to corn. The S&P/TSX Composite Index rose 0.2%, with materials and energy closing higher, while tech fell. Canadian power & utility stocks dropped Monday after the recent severe weather events in Texas. Energy retailer Just Energy Group revealed a big loss, while Algonquin Power & Utilities also retreated after expecting an impact. Moderna Inc. has received positive feedback from U.S. regulators on a proposal to expand the number of doses of its Covid-19 vaccine in each vial, the company said, a move that could help expand supplies.
Commodities
* Western Canadian Select crude oil traded at a $11.55 discount  to West Texas Intermediate
* Spot gold rose 1.3% to $1,807.81 an ounce
FX/Bonds
* The Canadian dollar slipped 0.02% to C$1.2618 per U.S. dollar
* The 10-year Canada government bond yield rose 2.8 basis points to 1.230%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second
day, climbing 0.2 percent, or 32.47 to 18,416.74 in Toronto.
Suncor Energy Inc. contributed the most to the index gain,
increasing 8.2 percent. MEG Energy Corp. had the largest increase, rising 13.4 percent.
Today, 105 of 219 shares rose, while 108 fell; 5 of 11 sectors were higher, led by materials stocks.
Insights
* This month, the index rose 6.2 percent
* The index advanced 3.2 percent in the past 52 weeks. The MSCI
AC Americas Index gained 17 percent in the same period
* The S&P/TSX Composite is 0.9 percent below its 52-week high on
Feb. 16, 2021 and 64.8 percent above its low on March 23, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28.2 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-
* S&P/TSX Composite’s members have a total market capitalization of C$2.84t
* 30-day price volatility fell to 13.34 percent compared with
13.50 percent in the previous session and the average of 12.50percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 75.8037| 3.3| 39/10
Energy | 54.8661| 2.5| 16/6
Financials | 23.0297| 0.4| 17/7
Consumer Discretionary | 2.7826| 0.4| 6/6
Real Estate | 0.3524| 0.1| 11/13
Communication Services | -3.9705| -0.5| 3/4
Consumer Staples | -6.2910| -1.0| 0/11
Health Care | -9.4073| -3.1| 2/7
Utilities | -14.1653| -1.6| 2/14
Industrials | -28.9589| -1.3| 8/21
Information Technology | -61.5741| -2.9| 1/9
US
By Claire Ballentine
(Bloomberg) — Tech stocks dropped on valuation concerns while commodities rallied and bond yields rose with investors pricing in stronger growth and faster inflation as the global economy recovers. The Nasdaq 100 tumbled more than 2.5% to a three-week low as investors questioned the appeal of expensive, growth-focused stocks. The S&P 500 Index fell for a fifth day, its longest losing streak in a year. Gains for energy shares and financial companies limited losses on the Dow Jones Industrial Average. European and Asian markets were broadly negative.
Commodities were almost uniformly green. Brent oil climbed above $65 a barrel as Goldman Sachs Group Inc. predicted prices could advance into the $70s in coming months. Copper briefly rose above $9,000 a metric ton for the first time in nine years, taking another step closer to an all-time high set in 2011 as investors bet that supply tightness will increase as the world recovers from the pandemic. After a tremendous run from the depths of the pandemic selloff 11 months ago, stocks are under scrutiny as an increase an interest rates bolsters the appeal of fixed-income investments. “Long-duration assets are the ones that are most vulnerable in a rising interest rate environment,” said Scott Knapp, chief market strategist of CUNA Mutual Group. “The exact same stocks that led the market higher when interest rates were plummeting are the ones most vulnerable when interest rates rise.”
Inflation Angst Is About to Rewrite the Stock Market Playbook Treasury yields climbed and a key part of the curve – the gap between 5- and 30-year yields — touched the highest level in more than five years. Yields rose in Asia, while European government yields reversed an advance and edged lower. Elsewhere, Brazilian markets tumbled following President Jair Bolsonaro’s decision to replace the head of Petroleo Brasileiro SA, the state-controlled oil company. The real fell 1% and the Ibovespa stock gauge dropped almost 5%. Bitcoin slumped more than 10% at one point as prices pulled back from an all-time high.
Some key events to watch this week:
* Fed Chair Jerome Powell delivers the central bank’s semi-
annual monetary policy report to the Senate Banking Committee on Tuesday.
* EIA crude oil inventory report is out Wednesday.
* Finance ministers and central bankers from the Group of 20
will meet virtually Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.

These are some of the main moves in markets:
Stocks
* The S&P 500 Index declined 0.8% as of 4 p.m. New York time.
* The Stoxx Europe 600 Index fell 0.4%.
* The MSCI Asia Pacific Index dipped 0.8%.
* The MSCI Emerging Market Index declined 2.2%.
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%.
* The euro climbed 0.3% to $1.2156.
* The British pound increased 0.3% to $1.4062.
* The Japanese yen gained 0.4% to 105.07 per dollar.
Bonds
* The yield on 10-year Treasuries rose three basis points to 1.36%.
* Germany’s 10-year yield fell three basis points to -0.34%.
* Britain’s 10-year yield fell two basis points to 0.68%.
Commodities
* West Texas Intermediate crude gained 3.8% to $61.49 a barrel.
* Gold strengthened 1.4% to $1,809.63 an ounce.
–With assistance from Vinícius Andrade, Sophie Caronello and Andreea Papuc.

Have a great night.

Be magnificent!

As ever,

Carolann

I see, I forget, I hear, I remember.  I do, I understand. –Chinese Proverb.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.

Carnival: Because the festivities are canceled this year, The Times put together a project commemorating the event and detailing its history. We recommend going through these dazzling photos of the blinged-out swimsuits and colorful plumage from Caribbean Carnivals around the world.

Perseverance pays off: See the Mars landing

PHOTOS OF THE DAY

School cleaner Paul Michael is stunning pupils and staff with his jaw-dropping operatic performances. Paul, 44, usually works as a cruise ship entertainer but took on a role at Allenborne School in Wimborne, Dorset, because of the pandemic. Pupils at the school were left completely in the dark by Paul’s usual job and were staggered to hear him break into song last week
CREDIT: BNPS

Martin Broen explores the other wordly landscapes of underwater caves and cenotes along the Riviera Maya in Mexico
CREDIT: CATERS NEWS AGENCY

Plants that have been frozen in ice by Lake Huron in Michigan, USA, which were encased in ice after waves splashed over them and froze
CREDIT: COULTER STUART/BAV MEDIA

Westie Sky frolics among a carpet of snowdrops at Welford Park in Berkshire
CREDIT: VAGNER VIDAL/HYDE NEWS & PICTURES LTD
Market Closes for February 19^th, 2021

Market Index	Close	Change
Dow Jones	31494.32	+.98
		–%
S&P 500	3906.71	-7.26
		-0.19%
NASDAQ	13874.463	+9.108 +0.07%
TSX	18384.27	+110.21
		+0.60%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	30017.92	-218.17
		-0.72%
HANG SENG	30644.73	+49.46
		+0.16%
SENSEX	50889.76	-434.93
		-0.85%
FTSE 100*	6624.02	+6.87 +0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.207	1.144
CND. 30 Year Bond	1.794	1.731
U.S.    10 Year Bond	1.3364	1.2956
U.S. 30 Year Bond	2.1335	2.0817

Currencies

BOC Close	Today	Previous
Canadian $	0.7827	0.7886
US $	1.2614	1.2679
Euro Rate 1 Euro=		Inverse
Canadian $	1.5299	0.6537
US $	1.2126	0.8246

Commodities

Gold	Close	Previous
London Gold Fix	1773.15	1780.70
Oil
WTI Crude Future	59.24	60.52

Market Commentary:
     On this day in 1878, Thomas Edison received a patent for his “tin-foil talking phonograph,” the ancestor of the modern record-player and the first device to make sound recording practical.
Canada
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 18,384.27 in Toronto. The move was the biggest since rising 1.1 percent on Feb. 8 and follows the previous session’s decrease of 0.5 percent. Today, information technology stocks led the market higher, as 7 of 11 sectors gained; 120 of 219 shares rose, while 99 fell. Shopify Inc. contributed the most to the index gain, increasing 3.1 percent. First Quantum Minerals Ltd. had the largest increase, rising 11.0 percent.
Insights
* So far this week, the index fell 0.4 percent
* The index advanced 2.6 percent in the past 52 weeks. The MSCI
AC Americas Index gained 17 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on
Feb. 16, 2021 and 64.5 percent above its low on March 23, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of
28 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.82t
* 30-day price volatility rose to 13.50 percent compared with
13.39 percent in the previous session and the average of 11.88 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 42.2805| 2.0| 5/5
Financials | 30.9261| 0.6| 19/7
Industrials | 21.8636| 1.0| 19/10
Consumer Discretionary | 21.4421| 3.1| 11/2
Health Care | 9.0209| 3.0| 8/1
Materials | 3.9958| 0.2| 21/29
Real Estate | 2.1764| 0.4| 20/6
Energy | -1.4645| -0.1| 10/12
Utilities | -4.2733| -0.5| 5/11
Consumer Staples | -6.3818| -1.0| 1/10
Communication Services | -9.3804| -1.1| 1/6
US
By Claire Ballentine
(Bloomberg) — U.S. stocks finished mostly lower as benchmark Treasury yields climbed to the highest levels in a year, renewing concern that rising borrowing costs and price pressures could derail the economic recovery. The S&P 500 Index turned negative in the final minutes of trading Friday, ending lower for the first week in three. Utilities and consumer staples led the declines, while the materials and energy sectors finished in the green.
The tech- heavy Nasdaq 100 was weighed down by Microsoft Corp. and Facebook Inc. “The two big things right now are waiting for stimulus and this idea of the reflation trade — investors have a keen eye  out for signs of inflation,” said Shawn Snyder, head of investment strategy at Citi Personal Wealth Management. “You see Treasury yields moving higher, that’s causing a bit of consternation in the markets.” Corporate earnings reports had given investors something to think about on Friday other than the relentless rise in Treasury yields, which dominated discussion this week and fueled concern about the staying power of the New Year stock rally. Applied Materials Inc. climbed after a strong forecast for the current quarter helped by growing orders from chipmakers rushing to produce more supply.Recent economic data are a reminder of the fragility of thegrowth backdrop, with a report Friday showing U.K. retail sales fell more than twice as fast as expected in January.
Meanwhile, the Stoxx Europe 600 index advanced for the first time in four days, while the euro strengthened after Germany’s manufacturing PMI climbed more than forecast in February. The British pound rallied above $1.40 for the first time since 2018. Oil traded below $60 a barrel as wells slowly restarted in Texas after being hit by a big freeze. The White House said it would be willing to meet with Iran, potentially paving the way for more crude exports from the Persian Gulf nation.
These are some of the main moves in markets:
Stocks
The S&P 500 Index dipped 0.2% to 3,906.71 as of 4:08 p.m. New York time, the lowest in two weeks.
The Dow Jones Industrial Average was little changed at 31,494.32.
The Nasdaq 100 Index declined 0.4% to 13,580.78, the lowest in more than two weeks.
The Stoxx Europe 600 Index advanced 0.5% to 414.88.
Currencies
The Bloomberg Dollar Spot Index decreased 0.2% to 1,124.92.
The euro increased 0.2% to $1.2115.
The Japanese yen strengthened 0.2% to 105.47 per dollar, the largest gain in more than a week.
The British pound gained 0.2% to $1.4004, the strongest in almost three years.
Bonds
The yield on 10-year Treasuries increased four basis points to 1.34%, the highest in about a year.
Germany’s 10-year yield climbed four basis points to -0.31%, the highest in more than eight months.
Britain’s 10-year yield increased eight basis points to 0.698%,
the highest in 11 months on the largest climb in almost two months.
Commodities
West Texas Intermediate crude decreased 2.5% to $58.98 a barrel,
the lowest in more than a week on the biggest dip in 15 weeks.
Gold strengthened 0.3% to $1,781.34 an ounce, the first advance in more than a week.
                                                                                                                                                                                                                                                                                                                                      
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Happiness is good health and a bad memory. -Ingrid Bergman, 1915-1982

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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
Fax: 778.430.5828
www.carolannsteinhoff.com