The year 2004 was reasonable for most investors. The world’s economies grew and the important world stock markets were positive, thanks to a strong rally after the U.S. Presidential election. The S&P index in the U.S. returned 9.0%, with the NASDAQ just behind at 8.6%. The Dow Jones index was the laggard at 3.1%. To Canadian investors, these gains were largely negated by the 8.2% rise of the Canadian dollar. Staying close to home was a better strategy as the S&P TSX index rose a strong 12.5%.
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Canso 2004 Q4 Market Observer
