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After a notably volatile end to the summer, North American equities appear to be catching some near term upside momentum. Over the last 5 days the TSX has rallied 4.48% while the S&P500 is up 5.58%. The primary catalyst, in what continues to be a “bad economic news is good news for equities” environment, was an unexpectedly weak US September jobs report released this past Friday.
We have been proved wrong so far in our contention (see “Much ado about nothing” in last week’s issue) that negative market reaction to the Federal Reserve’s non-action at its September 17 FOMC meeting was unjustified.