Thursday, August 04, 2005
I'd been watching the TSX and the Dow for the past few weeks, as I'd noticed that the TSX was closing the gap. The last time that the TSX was valued higher than the Dow was a few years ago, I ripped out the little article from the paper that showed it, just because.
Now I know, I know.. the two indices are completely different, so there's really no reason as to why I should be happy when our Canadian index is higher than the US one. But I am, so shut up.
In other news, CIBC (TSX:CM) has taken a NOSEDIVE in the past few days as a result of their recent settlement in regards to an Enron lawsuit. The settlement is valued at about $2.9 billion Canadian, more than their 2004 profits of $2.2 billion. According to the lead-plaintiff in the lawsuit, this is the largest settlement by a financial institution, even more than the payments made by Citigroup and JPMorgan Chase ($2, and $2.2 billion respectively). Working as I do, for the Royal Bank, that makes me happy.
Market Indices graph courtesy of cbc.ca.
I'm included to agree. It's all symbolic anyhow. People see higher numbers, and become unreasonably happy! YAY for the TSX! We're back to the way it was before Nortel ruined the party.
And just remember the next time anyone complains about those high gas prices - that's a major contributing factor to the way the TSX has been powering higher and higher. O_O
yeah, so buy a bike and laugh as the motorized world suffers ;)
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