March 21, 2019 Newsletter

Dear Friends,

Tangents:
1963 – Alcatraz prison in San Francisco Bay was emptied of its last inmates.  Go to article »
1965 – Selma, Alabama civil rights march.
1685 –  Johann Sebastien Bach, born.

PHOTOS OF THE DAY

A day-old lamb exploring new surroundings on the vernal equinox, considered the first day of spring at Coombes Farm in Lancing, England. Credit: Andrew Hasson/Getty Images

Interiors of “Under”, a semi-submerged restaurant beneath the waters of the North Atlantic which will be open to public on March 21, 2019 is pictured in Lindesnes, south west of Oslo, Norway. Credit: Scanpix/Tor Erik Schroder via Reuters

Members of the Druid Order take part in a ceremony in Tower Hill to mark Spring Equinox in London, England. Spring Equinox is when the day and night are of equal length and the centre of the visible Sun is directly above the Equator. Credit: Jack Taylor/Getty Images
Market Closes for March 21^st, 2019

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1924, the Massachusetts Investors Trust, the first open-end mutual fund—a type of fund that doesn’t have restrictions on the amount of shares the fund can issue—was founded in Boston by Edward G. Leffler, a former aluminum cookware salesman, and investment bankers Hatherly Foster, Jr. and Charles H. Learoyd. The minimum initial purchase of five shares cost $262.50, or $2.50 less than the price of a new Ford Model T runabout.
Canada
By Aoyon Ashraf
     (Bloomberg) — Canadian stocks rose to their highest level since August before paring gains, after two consecutive down days. Information technology and industrial stocks led the way, while pot stocks underperformed.
     The S&P/TSX Composite Index rose 0.5 percent to 16,244.59 on Thursday in Toronto. Boyd Group was the best performing stock, while Martinrea International was the worst. 
     CVS Health Corp. this week will begin selling products infused with the trendy, non-intoxicating hemp component at more than 800 of its stores as part of a distribution deal with marijuana company Curaleaf Holdings Inc., Curaleaf said Wednesday.
In other moves:
Stocks
* Curaleaf soared 32 percent after a partnership with CVS Health
* Boyd Group Income Fund jumped 9.2 percent after 4Q revenue beats highest estimate 
* Crescent Point Energy rose 6.6 percent, extending 2-day rally
* Wheaton Precious Metals rose 5.7 percent on 4Q beat
* Martinrea International fell 3.3 percent, continuing yesterday’s loss
Commodities
* Western Canada Select crude oil traded at a $9.85 discount toWTI
* Gold rose 0.6 percent to $1,315.20 an ounce
FX/Bonds
* The Canadian dollar fell 0.5 percent to C$1.3374 per U.S. dollar
* The Canada 10-year government bond yield fell to 1.668 percent
US
By Reade Pickert and Sarah Ponczek
     (Bloomberg) — U.S. equities reached a five-month high as investors reacted to a dovish lurch by policy makers in the world’s largest economy. The dollar rebounded after a four-day skid, while government bonds stabilized. West Texas crude and gold declined.
     After the Federal Reserve announced yesterday that it had no plans to raise rates in 2019, stocks resumed the year’s upward charge. The S&P 500 Index staged a broad-based advance Thursday that saw tech shares climbing alongside the real estate and consumer sectors. Financials sat out the rally as the yield on 10-year Treasuries came off the lowest level in more than a year after sharp declines Wednesday.
     “It’s a confirmation that the market was right that we didn’t need such aggressive Fed policy,” said Hank Smith, co-chief investment officer at Haverford Trust, which manages $8.5 billion. “The expectation is the Fed is out of the picture for the remainder of the year. That risk, if you want to call it that, is off the table and now we move to trade.”
     Brazil’s Ibovespa stock index retreated and the real sank after former Brazilian president Michel Temer was arrested as part of the “Carwash” corruption probe, clouding the outlook for the government’s key economic reforms.
     Elsewhere, sterling pared its decline after the EU was said to consider giving British Prime Minster Theresa May an unconditional Brexit extension until May 7. The current impasse over her current proposal, so close to the March 29 deadline for the U.K. to exit the bloc, threatens to increase the chances of a no-deal departure. A rate hold by the Bank of England had little impact on the currency.
     On the Stoxx Europe 600, food and beverage shares helped offset a retreat in banks. Asia’s regional index advanced even as Hong Kong stocks fell and Japanese markets shut for a holiday.
These are the main moves in markets:
Stocks
* The S&P 500 Index gained 1.1 percent as of 4:01 p.m. New York time.
* The Dow Jones Industrial Average rose 0.8 percent; the Nasdaq 100 gained 1.5 percent.
* The Stoxx Europe 600 Index fell less than 0.05 percent.
* The U.K.’s FTSE 100 Index gained 0.9 percent.
* Germany’s DAX Index sank 0.5 percent.
* The MSCI Emerging Market Index gained 0.1 percent.
Currencies
* The Bloomberg Dollar Spot Index rose 0.5 percent, the first advance in a week.
* The euro dipped 0.4 percent to $1.1364, the first retreat in a week.
* The British pound decreased 0.8 percent to $1.3096, the weakest in more than a week.
* The Japanese yen fell 0.1 percent to 110.80 per dollar.
Bonds
* The yield on 10-year Treasuries gained one basis point to 2.54 percent.
* Germany’s 10-year yield decreased four basis points to 0.04 percent, the lowest in more than two years.
* Britain’s 10-year yield decreased nine basis points to 1.064 percent, the lowest in more than 18 months.
Commodities
* West Texas Intermediate crude fell 0.7 percent to $59.84 a barrel.
* Gold fell 0.2 percent to $1,309.46 an ounce.
–With assistance from Adam Haigh, David Wilson, Vildana Hajric and Samuel Potter.

Have a great night.

Be magnificent!

As ever,

Carolann

If A is a  success in life, then A equals x plus y plus z.
Work is x; y is play; and z is keeping your mouth shut.
                                    -Albert Einstein, 1879-1955

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
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www.carolannsteinhoff.com