Investors were hopeful Friday morning that Canadian stocks would take cheer from early jobs numbers for August, and perk again, as they have done all week.
The S&P/TSX composite index closed Thursday ahead 87.25 points to 12,845.06.
The Canadian dollar strengthened 0.55 cents to 95.75 cents U.S. early Friday
On the economic calendar for today, Statistics Canada reported that the economy added 59,000 jobs during August, mainly part-time, pushing the unemployment rate down a 10th of a percentage point to 7.1%.
Over the six months leading up to August, however, employment gains averaged 12,000 per month, lower than the average of 29,000 observed during the preceding six-month period.
Later this morning, Western University’s Ivey Purchasing Managers Index (PMI) will be revealed for August.
ON BAYSTREET
The TSX Venture Exchange inched higher 0.60 points Thursday to 947.78
ON WALLSTREET
Investors took in the latest monthly jobs report from the U.S. government, which is arguably the most influential economic report in the world and can cause major market swings, depending on the numbers.
Ahead of the opening bell, futures for the Dow Jones Industrials hiked 33 points, or 0.2%, to 14,950. Futures for the S&P 500 gained 5.80 points, or 0.4%, at 1,658.80, and futures for the NASDAQ took on 12.50 points, or 0.4%, at 3,140.50
U.S. stocks finished higher for a third day in a row Thursday. All three major indexes are up by more than 1% this week.
The U.S. Commerce Department reported that the economy created 169,000 last month, lowering the unemployment rate to 7.3% from 7.4% in July. Economists projected that 185,000 jobs were added last month
In corporate news, Smithfield Foods is scheduled to release quarterly results before the opening bell. The meat processor announced an agreement earlier this year to be acquired by China's Shuanghui International, a deal now awaiting approval from the U.S. government.
European markets were in the red in midday trading, though the declines were muted.
Asian markets ended with mixed results. Japan's Nikkei 225 declined by 1.5% after a week of major gains. Hong Kong's Hang Seng index and the Shanghai Composite index each pushed higher.
Oil prices surged 64 cents to $109.01 U.S. a barrel
Gold prices dipped $2.80 to $1,370 U.S. an ounce.
