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Yipee!
The S&P/TSX Composite Index closed Thursday at an all-time record high of 18,027.57.
But what does that mean to a regular joe in the Okanagan?
"Well, it's a good thing for everyone," said Kelowna-based George Sanders, CEO of Goldcliff Resource Corp.
"It creates headlines, creates buzz and attention and makes people feel good about their investments, the economy and the future."
True that.
Stock markets across North America surged on Thursday in anticipation the Democratic wave happening in the U.S. will result in greater economic and social stimulus spending.
There's also hope the COVID vaccine rollout will soon lead to the economy firing on all cylinders.
Sophisticated, active investors are more knowledgeable about the stock market indexes, their fluctuations and trends.
"But even if you are a passive investor, someone who has mutual funds or a tax-free savings account with equity (stock) components or exchange-traded funds, you are going to benefit from record markets," said Sanders.
"If you are already invested, definitely, enjoy the high. If you aren't invested, even with the markets at an all-time high, it's a good time to invest because the markets will probably continue to go up."
Kelly Lindsey, a certified financial planner at Raymond James Okanagan Wealth Management in Penticton, concurs.
“A lot of investors are pool-type investors (mutual funds, exchange-traded funds) so the record markets benefit a broad audience,” she said.
“The stock markets tend to be optimistic and forward-looking, so the record highs tell us business and investors are anticipating better times ahead when we can put COVID in the rearview mirror and get back to business as usual.”
With interest rates rock bottom, regular savings accounts and bond funds are yielding next to nothing.
"So, you might as well invest (conservatively) in the markets in some way," said Saunders.
"Don't put your whole stack of money on one thing at one time, but, certainly, invest."
The Canadian dollar and gold are also doing well in this scenario at US78.7 cents and US$1,913.60, respectively.
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