The Toronto stock market extended its recent rally to a seventh consecutive session Friday amid higher commodity prices and a surprising surge in job creation in Canada last month.
The S&P/TSX composite index acquired 62.12 points to close the day and the week at 15,388.43
The Canadian dollar was unchanged at 79.47 cents U.S.
Gold stocks were in the driver’s seat Friday, with Goldcorp up 62 cents, or 2.6%, to $24.28.
The health-care group surged with Catamaran near a 52-week high at $74.92, up 28 cents, or 0.4%, after saying Thursday that it has completed its acquisition of Healthcare Solutions.
The info tech sector was also stronger. Industrials -- home to Bombardier that climbed 3.1% on a media report that said it is exploring options to monetize its transportation unit -- added five cents, or 1.9%, to $2.65.
Meanwhile, the rally in resources was tempered late in the session, with energy stocks such as Suncor surging 35 cents to $39.72, while Teck Resources down 25 cents, or 1.4%, to $17.30, and Sherritt International unchanged at $2.18.
On the economic front, Statistics Canada reported that the economy created 29,000 jobs in March, mostly part-time. The unemployment rate was unchanged at 6.8%.
Elsewhere, Canada Mortgage and Housing Corporation said new housing starts totaled 179,016 units in March compared to 180,236 in February.
Finance Minister Joe Oliver said on Thursday private sector economists estimate that Canada's economy will grow at about 2% this year and will pick up after that
ON BAYSTREET
The TSX Venture Exchange gained 7.85 points to 698.85
All but four of the 14 Toronto subgroups closed the session higher, with gold soaring 2.3%, health-care up 2.1%, and information technology gaining 1.1%.
The four laggards were weighed mostly by global base metals, sagging 0.9%, metals and mining down 0.5%, and consumer staples fading 0.3%.
ON WALLSTREET
U.S. stocks closed higher on Friday, with the Dow topping 18,000 for the first time in April as investors looked ahead to the official start of earnings season next week.
The Dow Jones Industrials zoomed 98.92 points to close out the week at 18,057.65, with General Electric leading advancers and Nike the greatest laggard. The index briefly added more than 100 points in afternoon trade.
The S&P 500 index progressed 10.52 points to 2,101.70, breaking the significant resistance levels of 2,090 and 2,100. Industrials gained 1.8% to lead all 10 sectors in the S&P 500 higher.
The NASDAQ index moved higher 20.73 points to 4,995.29
Shell's $69-billion deal to acquire U.K.'s BG Group was just one of several major corporate announcements this week.
General Electric announced on Friday a major restructuring of GE Capital, including the sale of most of the unit's assets, and will institute a $50-billion U.S. stock buyback program with proceeds from the move.
GE boosted both the S&P and blue chips with a 10.8% jump in its stock to $28.51 U.S. a share, the highest since 2008. Trade volume in GE shares was the most since March 2009.
Citi upgraded Netflix to "buy" from "neutral," saying it doesn't share competition concerns that are currently reflected in the stock's price.
Citi added General Motors stock to its Citi Focus List, saying a recent pullback makes for an even more attractive entry point and that it retains the optimism reflected in a January analyst report.
Gap reported a two-percent rise in comparable store sales for March, above the 0.6% consensus estimate. The results were entirely driven by a 14% gain by Gap's Old Navy chain, while the Gap and Banana Republic brands saw declines.
Another company investors will be eyeing is Apple, as it began taking pre-orders of its smartwatch on Friday.
The corporate earnings outlook for 2015 seems bleak, as first-quarter earnings for the S&P 500 index are expected to come in 4.7%lower, while second-quarter earnings are expected to lower 2.1%.
While some companies have already reported their quarterly earnings, many analysts believe earnings season will officially begin next week.
On the economic data front, U.S. home prices for the month of March fell 0.3%, in line with analysts' expectations.
Prices for 10-year U.S. Treasuries gained, lowering yields to 1.95% from Thursday’s 1.96%. Treasury prices and yields move in opposite directions.
Oil prices strengthened one dollar to $51.79 U.S.
Gold prices recovered $14.50 to $1,208.10 U.S.
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