Energy stocks have taken a battering in 2015 as producers, including OPEC, have fed a worldwide supply glut and global demand has been tepid. Crude has slid from a high above US$ 105 in June 2014 to levels not seen since the depths of the 2008 financial crisis.
New York markets were also lower on weak volume ahead of the New Year’s Day holiday on Friday. The Dow Jones average fell 117.11 points to 17,603.87, while the broader S&P 500 dropped 15 points to 2,063.36 and the Nasdaq lost 42.09 points to 5,065.85.
“Combine that oil price with very low interest rates, a much improved employment picture, strong and improving housing — really, I want to invest in Canadian companies that have direct exposure to that U.S. consumer,” he said.
Earlier this month, the U.S. Federal Reserve raised its benchmark interest rate for the first time since before the financial crisis, which Jerusalim said was a vote of confidence in the country’s recovery.
“We’re seeing that first in the U.S. and we’ll eventually see that up here in Canada,” he said.