March 16, 2017 Newsletter

Dear Friends,
Tangents:
On this day in…
1926    Rocket science pioneer Robert H. Goddard successfully tested the first liquid-fueled rocket, in Auburn, Mass.
1935    Adolf Hitler scrapped the Treaty of Versailles.
1968    U.S. troops gunned down hundreds of unarmed civilians in the village of My Lai during the Vietnam War.
PHOTOS OF THE DAY

A SpaceX Falcon 9 rocket launches from Kennedy Space Center over Cocoa Beach and Cape Canaveral skyline in Florida on Thursday. The rocket, carrying the Echostar XXIII communications satellite, was delayed from Tuesday due to high winds. Malcolm Denemark/Florida Today/AP

Horse race-goers arrive wearing St. Patrick’s Day fancy dress during the Cheltenham Festival at Cheltenham Racecourse in England on Thursday. Andrew Boyers/Action Images/Reuters

A rainbow appears next to St. Mary’s Lighthouse in Whitley Bay, England, on Thursday. Owen Humphreys/PA/AP
Market Closes for March 16^th, 2017

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1999, the Dow Jones Industrial Average tops 10000 for the first time.
Number of the Day
4%
Shortly after the Fed’s move, banks including Citigroup, J.P. Morgan, BB&T, M&T Bank and Fifth Third Bancorp increased their prime lending rates, from 3.75% to 4%.
Canada
By Joseph Ciolli
     (Bloomberg) — Canadian stocks rose, continuing their rebound from a 2017 low, as gains in health-care and financial shares led the way higher one day after the U.S. Federal Reserve raised interest rates as expected and refrained from accelerating its future tightening timeline.
     The S&P/TSX Composite Index added 0.3 percent to 15,562.41 at 4 p.m. in Toronto, after sliding on Tuesday to its lowest since December. Seven of 11 major industries advanced, with health-care and consumer staples companies jumping at least 0.9 percent, offsetting a loss in utility and industrial shares.
     Canada Goose Holdings Inc., the maker of $900 parkas, raised C$340 million ($256 million) in its initial public offering, pricing the shares at C$17 a piece, above the marketed range of C$14 to C$16 a share, according to a statement Wednesday. At the IPO price, the company had a market value of about C$1.82 billion. In its first day of trading, shares rose as much as 41 percent to C$23.98 in Toronto.
     In other moves:
* Bonavista Energy Corp., Nuvista Energy Ltd. and Encana Corp. fell at least 1.9 percent as crude oil slid 0.1 percent
* First Quantum Minerals Ltd., Detour Gold Corp. and Hudbay Minerals Inc. increased more than 2.8 percent as a Bloomberg index of commodities gained 0.4 percent
US
By Oliver Renick
     (Bloomberg) — U.S. stocks slid as investors assessed the Federal Reserve’s path for interest rates and utility and health-care shares weighed on the market.
     The S&P 500 Index lost 0.2 percent to 2,381.38 at 4 p.m. in New York, while the Dow Jones Industrial Average fell 16 points to 20,934.55. The S&P 500 rose 0.8 percent one day after the Fed’s decision.
* Financial shares were the biggest gainers in market, up 0.3%; spread between 5-year and 30-year Treasuries had biggest single- day gain since Nov. 9 on Wednesday
* Tech companies up 0.2%
** Volume in tech accounted for 20% of S&P 500 trading, with 3.6% of all trading taking place in Oracle
** Oracle up 6.2% after saying revenue in cloud services grew 62% in the Q3
* Traders are now pricing in a probability of almost 50 percent for another Fed rate increase by June
* ECONOMY:
** Housing starts climbed to a four-month high in February, led by the strongest pace of single-family homebuilding in nearly a decade
** Weekly jobless claims fell 2k to 241k; est. 240k
** March Philly Fed dropped to 32.8, est. 30
* EARNINGS:
** Pre-market Friday: Tiffany & Co (TIF)
* In Europe, stock markets rallied after a victory for Dutch liberals in the country’s parliamentary election
** Stoxx 60 ends 0.5% higher with all but 2 of 19 industry groups advancing.

Have a wonderful evening everyone.

Be magnificent!

Ever tell yourself, I am He.
These are words that will burn up the dross that is in the mind, words that will bring out the tremendous energy
which is within you already, the infinite power which is sleeping in your heart.
Swami Vivekananda

As ever,

Carolann

If you set out to be liked, you would be prepared to compromise on anything
at any time, and you would achieve nothing.
                                                              -Margaret Thatcher, 1925-2013

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
Fax: 778.430.5828
www.carolannsteinhoff.com