Stock Markets Possible To Hit High In Final Week of the Year
As 2009 ends, Toronto stock market is ready to close out because of the possible hit in the last week of 2009.
December 27—Key Consumer Sentiments data strengthened expectations of U.S. economic recovery leading Toronto stock market in a state of readiness to close out 2009 at or slightly above its highs for the year.
Markets were raised by U.S. home resale pursuit last November that resulted better than predicted. Further, other data showed the outcome of first, the smart move of American durable goods orders and second, the unemployment insurance that is said to melt down continuously.
The Toronto market goes up 2.54 per cent last week close to 291 points making Canada’s main stock index up 31 per cent.
“At least for the early part of 2010, I think it takes off the radar screen any concern that there’s going to be hiccup or surprise,” so stated by Andrew Pyle, investment adviser with ScotiaMcLeod in Peterborough.
“It would be really incredible I think to see a negative shock on the economic front in the first few months in the year based on some of the numbers that we’ve seen going into the end of the year.”
Yet still, Pyle considered that there is a probability for shock later in 2010 as governments try to dissuade their economies off immense amounts of stimulus cash and interest rate goes higher.
Also, ensuring the expected U.S. Consumer recovery, investors will be up for evidence as the U.S. Conference Board releases its latest figures on consumer confidence.
“It will take into account everything that has happened this month from obviously the equity market improvement to the improvement market in jobs,” said Pyle.
On the other hand, with only three days left, TSX will still be open for business for a shortened trading week.
Canadian markets reopen Tuesday while close Friday for New Year’s Day.
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