March 1, 2017 Newsletter

Dear Friends,

Tangents:
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.

1872: Yellowstone National Park established.

March: The month of March is so called from Mars, the Roman god of war, identified in certain aspects with the Greek ARES.  He was also the patron of husbandmen.  The planet of this name was so called because of its  reddish tinge.  Among the alchemists, Mars designated iron and in Camoens’ Lusiads (1572) typified divine fortitude.
The last three days of March are said to be borrowed from April, as is shown by the proverb in John Ray’s Collection of English Proverbs (1670): March borrows three days of April, and they are ill. –from Brewar’s.

PHOTOS OF THE DAY

Exile Tibetans climb high on poles to tie multicolored flags with Buddhist prayers printed on them on the third day of the Tibetan New Year called ‘Losar’ in Dharmsala, India, Wednesday. Tibetans believe that the prayer flags representing the five elements: earth, fire, sky, water and wind, spread prayers on wind. Ashwini Bhatia/AP

Two women are silhouetted while another two examine a light installation titled ‘Hybycozo’ by artists Yelena Filipchuk and Serge Beaulieu of the United States and Canada on Wednesday in Singapore. The iLight Marina Bay exhibition features innovative and environmentally sustainable light art installations from around the world, displayed along the Singapore river. Wong Maye-E/AP
Market Closes for March 1^st, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks rose the most in more than three months amid growing investor confidence that global economic growth is accelerating, with industrial and financial companies leading the move higher.
     The S&P/TSX Composite Index climbed 1 percent to 15,559.49 at 11:43 a.m. in Toronto. The gauge continued its recovery from a 2.6 percent skid over the four days ending Monday. The index, which closed at a record on Feb. 21, finished 2016 as the best- performing developed stock market. The S&P/TSX climbed 0.1 percent in February, its eighth straight monthly increase.
     National Bank of Canada rose the most since December after reporting first-quarter profit that beat analysts’ estimates, led by gains in wealth management and capital markets. The gain helped push financial companies in the S&P/TSX up 1.4 percent as Canadian Western Bank, Power Corp. of Canada and Fairfax Financial Holdings Ltd. also rose at least 2.6 percent.
     In other moves:
* Encana Corp., Peyto Exploration & Development Corp. and Ensign Energy Services Inc. climbed more than 3.4 percent even as crude oil decreased less than 0.1 percent
* Ivanhoe Mines Ltd., First Quantum Minerals Ltd. and Hudbay Minerals Inc. increased at least 7.3 percent as a Bloomberg index of commodities added 0.4 percent
US
By Oliver Renick
     (Bloomberg) — U.S. stocks advanced as investors embraced President Donald Trump’s cooler rhetoric in a speech to Congress that was short on details and after comments by Federal Reserve officials that signaled the central bank may increase borrowing costs as soon as this month.
     The S&P 500 Index jumped 1.4 percent to a record 2,395.96 at 4 p.m. in New York, the biggest single-day advance since the election. The Dow Jones Industrial Average climbed 303 points to 21,115 and small-cap shares in the Russell 2000 Index surged 1.9 percent. The Nasdaq Composite added 1.4 percent to a record.
     About 8.2 billion shares traded hands Wednesday, the heaviest day of volume on U.S. exchanges since Dec. 16, according to data compiled by Bloomberg.
* S&P 500 up 12% since Nov. 8, most in that stretch after an election since Bill Clinton’s second victory in 1996 — market added 13% over period of same length
* Financial shares up 2.8%, for the biggest gain since Nov. 10; bank stocks in the S&P 500 surging 3.2% on gains in all 17 companies
* Industrial stocks up 1.6% as energy companies rally 2.1%; materials shares up 1.8% as commodities gained for a second day
* Lowe’s up 9.5% for biggest gain in market as Americans pour money into their homes
* The odds of the Fed raising interest rates in March rose to 80% from 40% last Friday, based on Fed fund futures, pushing up the dollar and dragging Treasuries lower
* Fed Bank of New York President William Dudley said the case for tightening has become more compelling, while Fed Bank of San Francisco President John Williams said he expects a rate increase to be seriously considered at this month’s meeting
* VIX lost 2.9% to 12.5
* With the earnings season drawing to a close, about three- quarters of S&P 500 members that have reported thus far beat profit estimates and a little over half exceeded sales forecasts, according to data compiled by Bloomberg
* ECONOMY:
** Consumer spending rose less than projected in January as rising prices pinched Americans’ wallet
** China’s official factory gauge strengthened in February as producer prices rebounded, spurring gains in metal prices. Stoxx 600 miners rose from their lowest level in three weeks
* EARNINGS:
** Pre-market Thursday: Kroger (KR), Sears Holdings (SHLD)
* Stoxx Europe 600 Index added 1.4% at the close, as all 19 industry groups gained

Have a wonderful evening everyone.

Be magnificent!

Find the Unique and possess the Whole.
This truly is our highest, most sublime privilege.
It is in the law of this unity that is, as long as we understand it,
our immutable force.  Its living principle is the force that resides in truth –
Truth is one.
Swami Prajnanpad

As ever,

Carolann

Never argue with stupid people, they will drag you down to their level
and then beat you with experience.
                                                        -Mark Twain, 1835-1910

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

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

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