Newspaper article The Canadian Press

Prep-Business Report

Newspaper article The Canadian Press

Prep-Business Report

Article excerpt

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(Markets)

North American stock markets ended a wild first trading week of the year by rebounding strongly on positive trade, employment and interest rate news that buoyed the price of oil.

The S&P/TSX composite index closed up 213.87 points to 14,426.62.

In New York, the Dow Jones industrial average gained 3.3 per cent or 746.94 points at 23,433.16. The S&P 500 index was up 84.05 points at 2,531.94, while the tech-heavy Nasdaq composite was up 4.3 per cent or 275.35 points at 6,738.86.

The Canadian dollar traded at an average of 74.57 cents US compared with an average of 74.02 cents US on Thursday.

The February crude contract was up 87 cents US at US$47.96 per barrel after nearly hitting US$50 and the February natural gas contract was up 9.9 cents at US$3.04 per mmBTU.

The February gold contract was down US$9 at US$1,285.80 an ounce and the March copper contract was up 7.95 cents at US$2.65 a pound.

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(US-Federal-Reserve-Powell)

U-S Federal Reserve Chairman Jerome Powell says he is prepared to be patient in deciding when to raise interest rates again.

Powell told a panel discussion in Atlanta that the central bank intends to be flexible going forward in determining when to hike its key policy rate.

He also said he will not resign if asked to do so by U-S President Donald Trump.

Powell's comments were immediately cheered by financial markets, which were already rallying on the basis of a strong American unemployment report that showed 312-thousand jobs were created in the U-S in December. (The Associated Press)

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(Calgary-Office-Assessment)

Plunging office values in Calgary are being linked to the slump in oil prices and Alberta's high unemployment rate.

A commercial realtor says a five-billion-dollar decline in Calgary's downtown office building property assessment over the past year will likely translate into lower costs for some tenants. …

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