darren calabrese: Darren Calabrese / THE CANADIAN PRESS The Toronto market had been up most of the day as investors appeared to be showing more confidence that forecasts of economic doom were overblown due to a stronger-than-expected Chinese economy and a U.S. economy that continues to perform, says Natalie Taylor, portfolio manager at CIBC. So we're seeing investors cycling away from defensive stocks, which have really led the rally since December, into less defensive sectors and this is particularly evident if you look at interest-sensitive sectors, she said in an interview, according to The Toronto Star. Taylor said setting a new high appears to be just around the corner, but moving meaningfully through that level depends on whether an acceleration of corporate growth can be a catalyst. The S&P/TSX composite index closed down 13.26 points to 16,502.20, after hitting an intraday high of 16,553.39, just 14 points off the all-time high set last July.A man works in the broadcast centre at the TMX Group Ltd. in Toronto, on May 9, 2014. Article Continued Below I think you need to see upwards earnings revisions because the valuations can only expand for so long without the help from fundamentals. Health care was up more than one per cent, recovering from a couple of down days, as Aurora Cannabis Inc. and Canopy Growth Corp. rose about 3.96 and 2.38 per cent respectively. The influential financials sector rose 0.56 per cent on better yields, with Toronto-Dominion Bank and the Bank of Nova Scotia leading.
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