Petroleum prices rose on Friday, boosting world stock markets, after an energy organization said the oil market may have found a floor.
The S&P/TSX Composite Index leaped 142.86 points, or 1.1%, to finish the day and week at 13,522, logging its second consecutive weekly increase.
The Canadian dollar leaped 0.65 cents to 75.57 cents U.S.
The health-care sector led the field, as Valeant Pharmaceuticals galloped $3.81, or 4.3%, to $92.12.
Raw-material and phone companies were among the few laggards. BCE Inc. slipped $1.12, or 1.9%, to $57.64.
Among energy plays, Suncor Energy shot higher 34 cents, or 1%, to $34.62, and Canadian Natural Resources took on 88 cents, or 2.5%, to $36.11
Cenovus Energy Inc. jumped 73 cents, or 4.4%, to $17.38, after the stock was added to Goldman Sachs Group Inc.’s Americas conviction list.
Canadian National Railway Co. gained $1.18, or 1.5%, to $79.88, and Canadian Pacific Railway added $6.89, or 4.1%, to $174.71, to boost the industrials group to a hefty gain, erasing a 1.2% drop Thursday.
On the economic slate, Statistics Canada reported employment moved downward 2,300 in February, as gains in part-time work were offset by losses in full-time.
The agency also told us the unemployment rate rose by 0.1 percentage points for the third consecutive month, reaching 7.3% for the first time since March 2013.
ON BAYSTREET
The TSX Venture Exchange gained 1.83 points to 574.78
All but three of the 13 TSX subgroups were higher, as health-care climbed 3%, energy was 2.3% more energetic, and consumer discretionaries gained 1.9%.
The three laggards were gold, down 2.8%, materials, sliding 1.3%, and telecoms, off 0.2%.
ON WALLSTREET
Equities in the United States closed sharply higher Friday as oil prices rose and investors took a more positive view of Thursday's European Central Bank announcements on stimulus.
The Dow Jones Industrial average climbed 218.18 points, or 1.3%, to 17,213.31, with Pfizer the top gainer and Wal-Mart and Procter & Gamble the only decliners.
The Dow topped its 200-day moving average for the first time in intraday trade since Dec. 31.
The S&P 500 vaulted 32.02 points, or 1.6%, to 2,021.59, with financials leading all 10 sectors higher.
The S&P was just 1.3% lower year-to-date, as of afternoon trade Friday.
The NASDAQ index hurtled higher 86.31 points, or 1.9%, to 4,748.47.
Also supporting gains in stocks was a rise in oil following the International Energy Agency's report that said oil might have bottomed. Baker Hughes data showed U.S. rigs declined by six
In U.S. economic news, February import prices declined 0.3%, while export prices fell 0.4%.
Prices for the 10-year Treasury faded, raising yields to 1.98% from Thursday’s 1.93%. Treasury prices and yields move in opposite directions.
Oil prices were positive 68 cents a barrel to $38.52 U.S.
Gold prices ditched $21.90 to $1,250.35 U.S. an ounce.
