The new North American trading week began on Monday, May, 22^nd with the American markets having to go it alone as their Canadian counterparts were closed for the Victoria Day long weekend.

Foot Locker (FL-N) Shares’ fell by over 16.5^% to US$11.73 after the retailer’s sales for March and April failed to live up to analysts” expectations.

The price of Dynegy Inc. (DYN-N) stock surged up by over 25.5^% to US$9.12 on word that Vistra Energy (VST-N) was making an unsolicited takeover offer for its rival power producer.

The petroleum markets shuddered first thing on Tuesday, May 23^rd following U.S. President Donald Trump announcement that he would like to sell half of the country’s 688-million barrel Strategic Petroleum Reserve.

AutoZone Inc. (AZO-N) stock fell by 12^% to US$580.39 after the auto parts & accessories retailer’s 3^rd-quarter financials failed to live up to the streets’ expectations.

Toll Bros (TOL-N) – one of the best barometers of the American housing industry – upped the estimate of the number of homes it would build in 2017.

Wednesday, May 24^th saw the Bank of Canada do as expected and leave its key interest rate unchanged at 0.5^%.

Kinder Morgan Canada (KMI-N) announced it will raise about $175-million through its initial public offering (IPO) to fund the recently approved expansion if its Trans Mountain pipeline.

The price of CF Corp. (CFCO-Q) shares’ plunged by 100^% to US$10.00 after the holding company announced a US$1.84-billion all-cash takeover of U.S annuities and life insurer Fidelity & Guaranty (FGL-N).

Lowe’s Companies (LOW-N) reported 1^st-quarter financials that failed to meet the streets’ expectations.

Retailer/wholesaler Costco Wholesale (COST-Q) reported better than expected 1^st-quarter income on Thursday, May 25^th and that memberships rose by 4^% to make up 72^% of the company’s operating income.

Tembec Inc. (TMB-T) shares’ soared up by over 41^% to $4.17 after the giant Quebec based forester received a US$807-million cash & debt takeover offer from American based Rayonier Advanced Materials (RYAM-Q).

Best Buy (BBY-N) stock surged up by 21.5^% to US$1.25 after the electronics giant reported 1^st-quarter financials that were above analysts’ expectations.

And the price of Sears Holding (SHLD-Q) rose by almost 13.5^% to US$8.45 after the beleaguered retailed reported its first quarterly profit in the past 2-years.

Friday, May 26^th had the U.S. Commerce Department report their economy grew at a revised annualized 1.2^% in the 1st-quarter, well up from the 0.7^% originally reported one month ago.

Petroleum industry analyst Baker Hughes (BHI-N) reported the number of active American drilling rigs increased by 9-rigs last week to 908 active rigs. Meanwhile the number of active Canadian drilling rigs held steady at 93-active drilling rigs.

Meanwhile, the downturn in petroleum prices still hampers Alberta as credit ratings agency Standard & Poor’s lowered the credit rating of Canada’s largest petroleum producer by        2-notches from ‘AA’ to ‘A+’.

Silvercorp Metals (SVM-T) shares’ rose by over 7^% to $4.09 after the China based silver miner reported an unexpected 1^st-quarter profit.

For the most part the North American markets traded uneventfully on Friday as investors cautiously moved into the U.S. Memorial Day long weekend.

During the Week – the S&P 500 rose to a new record high of 2,416 while the NASDAQ reached a new all-time closing high of 6,210.

Air Canada (AC-T) at $17.70, The Keg Royalties Income Fund (KEG.UN-T) at $22.55 and Sunopta Inc. (SOY-T) at $12.99 all climbed to new TSX 52-week trading highs, while Asanko Gold (AKG-T) at $2.64, Cara Operations (CARA-T) at $22.89 and Cenovus Energy (CVE-T) at $12.35 all sank to new 52-week trading lows.

For the Week – the Dow Industrials rose by 1.32^% to 21,080, with the S&P 500 up by 1.43^% to 2,416 and the NASDAQ Exchange ahead by 2.07% to 6,210. In the hockey’s over north, the TSX Composite Index fell by 0.27^% to 15,417 while the TSX Venture Exchange improved by 0.25^% to 809.

With Commodities – gold bullion increased by 1.36^% to US$1,271, with copper off by 0.39^% to US$2.57, with crude oil down by 1.84% to US$49.74 as natural gas fell by 1.49^% to US$3.30 Overall, the CRB Spot Commodity Index finished the week  almost unchanged at 434.

The Canadian dollar rose by 0.41^% against its southern neighbour to end the week at US$0.7429.

And the closely watched CBOE Volatility Index or VIX fell by 2.23-points to finish the week at a much calmer level of 9.81.

And Finally – As environmentalist extremists forever scream that governments are not doing enough to clean up the air – consider this – the British National Grid announced that the island nation recently had its first day since the industrial revolution where the burning of coal was not needed to generate electricity.