September 17, 2015

On Thursday, the big news (or at least confirmation of what was expected by most) was that the FED did not raise interest rates as it continues to await and expect further improvement in the U.S. economy and as it awaits and expects inflation to move up towards its 2% target. The reaction of the market to the news was volatile, as the market first fell, then rose and then ultimately fell modestly on the news.

The S&P 500 ended the day down 0.3% while Toronto was up 0.2%.

Stocks closing higher included Boston pizza Royalties up 3.3% and Canadian Western Bank up 1.6%.

Stantec was down 3.6%.

The FED non-move was seen as negative for Banks as Bank of America was down 2.9% and Wells Fargo was down 2.8%.

Oil basically stood it ground and is at about $47.

There was a modest increase in the Canadian dollar which is now at 75.9 cents.