Stocks pulled themselves up by the bootstraps to end a very rough week, with sectors pointing to recovery.
The TSX Composite advanced 108.26 points to close Friday at 19,246.07. The index was in the red for the week, however, 295 points, or 1.5%.
The Canadian dollar was higher 0.25 cents at 73.20 cents U.S.
Gold showed the way Friday, with Wesdome acquiring 25 cents, or 3.5%, to $7.31, while Kinross Gold triumphed 18 cents, or 3%, to $6.29.
In technology shares, Coveo Solutions advanced 70 cents, or 6.9%, to $10.85, while HUT 8 Mining was better by 16 cents, or 6.2%, to $2.75.
Energy stocks also showed muscle, as Arc Resources gathered 64 cents, or 3.1%, to $21.00, while Advantage Energy moved higher 35 cents, or 3.9%, to $9.43.
Health-care stocks let the side down, though, with Bausch Health Companies fading 22 cents, or 2%, to $11.04, while Tilray shaved off nine cents, or 3.1%, to $2.84.
Consumer staples waned, as George Weston gave back $1.56, or 1%, to $150.44, while Loblaw Companies were lower 67 cents to $116.38.
In communications, TELUS Corp. dumped eight cents to $22.54, while BCE Inc. shed 16 cents to $51.06.
On the economic slate, Statistics Canada reported that the economy created 64,000 in September, following an increase of 40,000 in August. jobs in September. The unemployment rate was unchanged in September and stood at 5.5% for the third consecutive month.
ON BAYSTREET
The TSX Venture Exchange picked up 5.64 points, or 1.1%, to 533.54, for a loss on the week of 25.3 points, or 4.5%.
Eight of the 12 TSX subgroups had risen into the plus column by day’s end, with gold vaulting 1.9%, information technology up 1.6%, and energy ahead 1.5%.
The four laggards were weighed most by health-care, down 1.2%, while consumer staples settled 0.2%, and communications, off 0.1%.
ON WALLSTREET
Stocks rallied Friday even after the release of stronger-than-expected U.S. jobs data and a pop in Treasury yields.
The Dow Jones Industrials popped 288.01 points, to end the week at 33,407.58.
The S&P 500 index took on 50.31 points to 4,308.50.
The NASDAQ index jumped 211.51 points, or 1.6%, to 13,431.34.
The S&P 500 is up 0.48% week to date. This would break the broad market index’s four-week negative streak. The NASDAQ is up 1.6% for the week, while the Dow remains down 0.3%.
Technology shares led the S&P 500’s sector gains on Friday, gaining nearly 2%. Palo Alto Networks, Monolithic Power Systems and Advanced Micro Devices all jumped more than 4%.
GM and Ford rallied in the afternoon as the UAW said there would be no new strikes this week because of progress in talks with automakers. Shares of Ford took on 0.8% and General Motors gained 1.9%.
Traders were unclear of the reason for the intraday turnaround. Some noted it could be the softer wage number in the jobs report that made investors rethink their earlier bearish stance. Others noted the pullback in yields from the day’s highs. Part of the rally may just be to do a market that had gotten extremely oversold with the S&P 500 at one point this week down more than 8% from its high earlier this year.
The U.S. economy added 336,000 jobs in September, the Labor Department said. Economists polled by Dow Jones expected 170,000 jobs. To be sure, wages rose less than expected last month.
Friday’s jobs report raised concern among investors that the Federal Reserve will need to keep rates higher for longer to tame inflation.
All the major averages are headed toward a losing week. The S&P 500 is down 1.4% week to date. This marks the broad market index’s fifth consecutive week of losses, which would be its longest weekly slide since May 2022. The Dow is down 1.7%, while the NASDAQ is 0.9% lower for the week.
Prices for the 10-year Treasury tailed off, raising yields to 4.8% from Thursday’s 4.72%. Treasury prices and yields move in opposite directions.
Oil prices tacked on 46 cents to $82.77 U.S. a barrel.
Gold prices added $11.60 to $1,843.40.