Market Update

Nothing has changed in our outlook for the year. We are still of the opinion that performance will be stronger in the second half, as corporations continue to meet or exceed guidance. The American Rescue Plan Act of 2021 will be a much needed stimulus injection, and likely bolster activity on both sides of the border, while vaccination efforts move us closer to fewer and fewer restrictions. We remain optimistic and expect another year of double-digit gains, forecasting the S&P 500 will rise +15% (from 2020’s year-end target of 3,650), reaching 4,200 by year end in 2021. In Canada, we look for the S&P/TSX to rise an additional +7% from our year-end target last year of 18,200, reaching 19,500 by the end of 2021 marking an all-time high for the index.