TSX UP 2.5%
DOW UP 4.33%
S&P 500 UP 2.22%
Happy Halloween everyone!
Hopefully you are slowly going through the candy you either bought, or are stealing from your children after they put in the hard work getting it ( excellent learning opportunity to show how taxes work).
Here’s our October Market Update,
The markets chose to treat this month, and not a tootsie roll; they were giving out full-size chocolate bars to everyone. The Dow refuses to stay down amid another record-breaking run. I had a lot of colleagues calling for a crash by 20,000, but no one told the DOW as its well above 23,000. This rally has been powered by great earnings down south, as well as the proposed changes to the tax code that Donald Trump is working on. If these tax cuts are passed look for confidence in the American Economy to skyrocket.
Also joining the record books is the TSX; Breaking through the 16,000 mark for the first time on the recovery of the energy sector and solid earnings from the banks. While interest rates stayed the same it looks like the US is thinking of raising in December. This will depend largely on who is appointed to be the new Fed Chair as well as if they want to stay the same course as Janet Yellen who in my mind did a fantastic job navigating the choppy waters. Shockingly the North American markets didn’t see any reaction to the chaos happening in Spain right now as the Catalonian government voted overwhelmingly to separate from Spain in an unrecognized vote of independence. Spain has chosen to not recognize these results and called in the army to handle the situation there. Spain is one of Europe’s biggest economies, which Catalonia being the economic hub. If they do end up doing a Brexit like move that might cause ripples in the Euro Zone.
As always if you have any questions or concerns let me know!
Happy Halloween from my family to yours!
By Referral Mortgage Consultants*
“Click, Call, Chat – Award Winning Brokers”
Dave 604 897 2741 Jordi 604 615 1312
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*By Referral Mortgage Consultants – doing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages. Kim Langille Featured on thess site is an unlicensed mortgage assistant only, not a Mortgage Consultant. Jordi Browne featured on this site is the Mortgage Broker of record. “The Broker” is Jordi Browne. Jordi Browne also holds a Life Insurance License and represents Verico Canadian 1st Mortgage Corp. Dave Browne featured on this site has a Life Insurance License too but is an independent agent– Jordi and Dave Browne co-broker life insurance files and share expenses, all income retained by Verico Canadian 1st Mortgage Corp.