Financials lead the way to solid stock market gains following JPMorgan earns The spring rally on markets, now in its 6th week, has been driven in large part by growing optimism that the financial industry is on the mend.
• TSX +97.26 as good news from U.S. banks raised hopes the financial sector is recovering
• DOW +95.81
• Dollar -.44c to 82.67USD from the 13-week high it raced to earlier as its move through a key level sparked a wave of selling as traders felt it got ahead of itself
• Oil +$.43 to $49.98US per barrel.
• Gold -$13.70 to $879.80USD per ounce
• Canadian 5 yr bond yields +.02bps to 1.90. Four weeks ago it was 1.71
• http://www.financialpost.com/markets/market_data/money-yields-can_us.html
Thanks to DBD David Neville in the Maritimes for creating our bond chart. He has added a line (bottom below the date) that shows the spread between the bond yield and the 5 year fixed rate. This is key now as the spread grows smaller, it could trigger either a stop to the dropping rates or, eventually, an increase in rates. There are many factors that influence rates, bond yield is but one, so use this as a guide only.
Friday, April 17, 2009
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