Global Markets Defy Washington Gridlock, Hit Record Highs
Despite a political stalemate in Washington, global markets demonstrated remarkable resilience, with key indices reaching record highs. The S&P/TSX composite index in Toronto surged by 1.03%, while U.S. markets, despite scattered trading due to the lack of employment data, closed at all-time highs.
Angelo Kourkafas, senior investment strategist at Edward Jones, highlighted the markets' ability to shrug off the Washington impasse. The Toronto stock market's main index rose by over 300 points in a broad rally on Friday, with Shopify leading the gains, up 6.46% on the day and contributing significantly to the overall index.
The U.S. stock market traded in a scattered manner due to the delay in the monthly employment report, which was postponed due to the U.S. government shutdown. This delay, however, did not prevent the Dow Jones Industrial Average, S&P 500, and NASDAQ composite index from closing at record highs. Meanwhile, Canadian Prime Minister Justin Trudeau is set to meet with U.S. President Donald Trump to discuss trade relations and tariffs, which could potentially impact stock market sentiment in the coming days.
The resilience of global markets, despite political headwinds, was evident this week. While the U.S. government shutdown delayed crucial employment data, markets pressed on, with key indices reaching new highs. As political discussions continue, investors will closely watch for any developments that may influence stock market trends.
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