On Friday, the markets capped off a very strong week as the S&P 500 gained 0.9% and Toronto gained 1.0%.
On Friday the market gained more confidence that the FED’s interest rate hikes have likely peaked and so bond yields came down somewhat which is basically like a reduction in a gravitational force as far as stock and bond prices go.
The question now is whether the positive market sentiment will hold in the weeks ahead. For those over-weighted in equities, I’d be tempted to reduce some positions but I always find it hard to decide what to part with.
Notable gainers included: AutoCanada up 7.5%, Linamar up 5.3%, and Toll Brothers up another 4.3%.
The risky Brookfield Office Properties preferred shares that I have been mentioning and that have sank so much this year continued to rebound somewhat.
Most or all of the preferred shares on our list were up.