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The Toronto stock market rose by triple digits Friday after job losses in Canada's major trading partner came in far lower than expected.
The U.S. Labour Department said the economy lost 36,000 jobs in February, compared to the 50,000 that many economists had expected. The unemployment rate held steady at 9.7 per cent.
Canada is the biggest supplier of U.S. oil imports. (CBC) The S&P/TSX composite index closed up 150.17 points, or more than one per cent, at 11,975.14.
The prospects of expanded trade made traders buy the Canadian currency and oil futures. Canada is the biggest supplier of U.S. oil imports.
The Canadian dollar finished up 0.01 of a cent at 97.04 cents US after trading higher much of the day. The April crude contract closed on the New York Mercantile Exchange up $1.29 at $81.50 US a barrel. This year's high was $83.95. on Jan. 11.
Oil prices also got a boost on Friday from China Premier Wen Jiabao, who said his country is on track for eight per cent growth this year. China is the second biggest consumer of oil in the world after the U.S.
The April gold contract on the Nymex finished the day up $2.20 to $1,134.80 US an ounce.
In New York, the Dow Jones industrial average moved up 122.06 points to 10,566.20 and the Nasdaq composite index rose 34.04 points to 2,326.35 while the S&P 500 index climbed 15.72 points to 1,138.69.
Canadian employment data for February will be released next Friday.
With files from The Canadian Press and The Associated PressShare Tools
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Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 10.4 |
| DOW | 12454.83 | -74.92 |
| NASDAQ | 2837.53 | -1.85 |
| SP 500 | 1317.82 | -2.86 |
| NYSE COMPOSITE | 7534.32 | -18.01 |
| AMEX | 2227.37 | 1.45 |
| TSX-VENTURE | 1309.27 | 26.8 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
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