HIGHLIGHTS OF THE WEEK
• Stocks experienced a modest bout of volatility this week. The S&P500 declined 1.5% on Tuesday (the largest daily decline of 2012) only to rally and recoup the losses by the end of the week.
• Another important step was taken in the euro-zone this week when a Greek debt swap that will reduce the nation’s debt burden by €100 billion received sufficient participation. While recent progress in the euro-zone is encouraging, Greece may still have to write down more debt in the future.
• Finally, the U.S. job market continues to hold its momentum. 227K new jobs were created in February, marking the third straight month of 200K+ job creation.
• Canada shed 2,800 jobs in February, entirely erasing January’s gain. Employment growth has been stalled since mid-2011.
• The housing market remains on solid footing, with new home starts rising to 201,000 in February. Both the single-unit and multi-unit sectors recorded healthy gains.
• The Bank of Canada left rates unchanged at 1.00% and once again cited the growing debt burden of consumers as the number one domestic risk.
Constantine Isslamow | Broker of Record
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