Markets jump following jobs report
The week ended on a high for equities in North America and Europe as the US posted strong jobs data and commodities were in positive territory.
The main TSX index closed higher with all ten sector groups gaining led by IT but with the heavily-weighted financials group also one of the best performers of the session.
Wall Street closed higher with the Dow soaring 186.5 points to take it above the 20K mark once again. The S&P500 and Nasdaq also climbed as news of 227,000 new jobs in January delighted investors.
European markets closed higher too while most Asian markets slipped except for Tokyo’s Nikkei which was flat.
The S&P/TSX Composite Index closed up 77.28 (0.50 per cent)
The Dow Jones closed up 186.5 (0.94 per cent)
Oil is trending higher (Brent $56.81, WTI $53.82 at 4.35pm)
Gold is trending higher (1221.00 at 4.35pm)
The loonie is valued at U$0.7678
Hudson’s Bay Co. reportedly wants iconic Macy’s
Early talks have begun which could see Canada’s Hudson’s Bay Co. taking over the iconic US retailer Macy’s, according to The Wall Street Journal.
An unnamed source says that the deal would be a takeover by the Canadian firm which has valuable real estate assets which would be leveraged to finance the deal.
Shares of HBC jumped 2.5 per cent on the report.
Macy’s, which owns around 800 stores including Bloomingdales and its eponymous flagship store, has been trying to turn its fortunes around over the past decade.
Vancouver firm suing Snapchat over filters
The day after Snapchat owner Snap Inc. filed for an IPO in the US, a Vancouver company is reviving its legal action against the firm.
Investel Capital alleges that it owns the rights to the “sponsored geofilters” which are part of Snapchat’s user experience and which the social media firm mentions in its IPO filing as a potential revenue generator.
CBC News says that Investel filed a claim in the Canadian federal court system and was told that it could proceed but no judgment has been made either way.
The new lawsuit has been filed in the US district court in California.