On Monday, the S&P 500 shrugged off the firing of missiles into Syria that occurred Friday evening and rose 0.8% while Toronto was up 0.1%.
Costco rose another 3.0% to $194.58. It had dipped to as low as $179 earlier this year and still looked expensive at that price. However, that may have been a good buying opportunity.
Bank of America’s earnings rose either 30% or 51%, depending on which headline I look at but the stock rose only 0.5% on that news.
Constellation Software was up 2.4%.
Melcor Developments as well as the Melcor REIT will hold their annual meetings on May 10 at the Weston Hotel downtown Edmonton. The REIT at 10:00 am and Melcor Developments at 11:00 am. I will be attending and will have questions. I have not previously attended. Last year I listened to the recorded meeting afterwards and there were no questions. So, he said he assumed everyone was happy or had no concerns something like that. Perhaps a few subscribers can join me at the meeting and we can meet for lunch after the meetings.
Statistics Canada reported new vehicle sales for February. The figures show a big drop of about 8% for Alberta. This comes after January rose almost 8%. It’s possible that this is just a random fluctuation after quite a few months of increases but it is nevertheless a concern. AutoCanada was down 0.8% today and this report may be the reason.
President Trump tweeted that it was not acceptable for the U.S. to keep raising interest rates while Russia and China were “playing the currency devaluation game”. This could certainly lower expectations for the pace of U.S. interest rate increases and all else equal could mean that the Canadian dollar will not fall as many expect.