Canada's main stock index opened higher on Friday as a recovery in crude and gold prices, and stronger-than-expected U.S. jobs growth data for August boosted investor sentiment.
The TSX began the week’s last session up 144.9 points to 19,287.62.
The Canadian dollar added 0.17 cents to 76.22 cents U.S.
Markets throughout North America will be shuttered Monday for Labour Day.
Gold stocks led the pack, for example, Barrick Gold rallied 49 cents, or 2.6%, to $19.64.
Health-care stocks, though, were not so hale, as Canopy Growth wavered seven cents, or 1.5%, to $4.54.
ON BAYSTREET
The TSX Venture Exchange improved 3.16 points, or 1.8%, to 630.30
All but two of the 12 TSX subgroups were on the move upward, as gold soared 2.4%, materials grew 2%, and energy was better by 1.7%.
The two laggards proved to be health-care, sagging 1.5%, and information technology, sliding 0.9%.
ON WALLSTREET
Stocks rose on Friday, cutting losses for the week, as August’s jobs report came in about as expected. The data eased fears that a hotter labor market would give the Federal Reserve leeway to get more aggressive with its rate hikes.
The Dow Jones Industrials index popped 231.37 points to open Friday at 31,887.79.
The S&P 500 surged 32.78 points to 3,999.63.
The NASDAQ Composite came out of its funk and grew 87.8 points to 11,872.92.
The Dow and S&P are set to post a weekly decline of more than 1.5%. The NASDAQ Composite in on pace to fall 2.5% this week.
Shares of retailer Lululemon jumped nearly 10% after reporting quarterly results that beat Wall Street’s expectations.
Investors were comforted by the highly anticipated jobs report, which showed the economy added 315,000 jobs for the month, just under the Dow Jones estimate for 318,000. One expert called it a “Goldilocks” report.
The unemployment rate rose to 3.7%, two-10ths of a percentage point higher than expectations. The August report is particularly important because it’s one of the last major economic reports the Fed will weigh before it raises rates at its September meeting. This data point could help the central bank determine whether a 75-basis-point hike.
The last major economic report of note is August CPI on Sept. 13 and is more likely to determine how aggressive the Fed needs to be in the near term.
Treasury prices muscled higher, lowering yields to 3.21% from Thursday’s 3.26%. Treasury prices and yields move in opposite direction.
Oil prices regained $2.24 to $88.85 U.S. a barrel.
Gold prices decreased $20.30 to $1,705.90 U.S. an ounce.
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