Stocks Vault Despite Heavy Job Losses

Equity markets in Canada’s largest market enjoyed triple-digit gains to cap off a volatile week, despite worrying employment numbers. At the same time, upbeat comments from U.S. President Donald Trump on a trade deal with China also helped sentiment.

The TSX Composite Index jumped 142.05 points to end the day and the week at 16,996.97

The Canadian dollar deducted 0.47 cents to 75.42 cents U.S.

Energy stocks had a field day, as Cenovus Energy climbed 86 cents, or 7.5%, to $12.31, while Arc Resources took on 49 cents, or 7%, to $7.49

Among industrials, Canadian Pacific Railway gained $9.27, or 2.5%, to $325.09, while Finning International added 51 cents, or 2.2%, to $24.05.

In consumer staples, Alimentation Couche-Tard grew 84 cents, or 2%, to $43.77, while Maple Leaf Foods collected 36 cents, or 1.5%, to $24.71.

Gold took its lumps, as Alamos Gold ducked 35 cents, or 4.7%, to $7.16, while Torex Gold dipped $2.36, or 6.5%, to $18.51.

Among materials, Pan American Silver shed $1.03, or 3.8%, to $26.37, while Silvercorp Metals lost 26 cents, or 3.7%, to $6.78.

In real-estate, units of Canadian Apartment Properties REIT sank 81 cents, or 1.5%, to $54.83, while Interrent REIT fell 17 cents, or 1%, to $16.17.

On the economic slate, Statistics Canada said Canada’s economy lost 71,000 jobs in November, boosting the unemployment rate by 0.4 percentage points to 5.9%. Employment had held steady during October.

ON BAYSTREET

The TSX Venture Exchange regained 0.71 points to 537.82

In Toronto, all but three of the 12 subgroups were positive on the day, with energy sprinting 4.3%, industrials ahead 1.2%, and consumer staples improving 1%.

The three laggards were gold, down 3.6%, materials, sinking 0.4%, and real-estate, off 0.1%.

ON WALLSTREET

Stocks surged on Friday on the back of U.S. jobs growth that easily topped analyst expectations as Wall Street wrapped up a choppy week of trading.

Read:

• Moving With a Purpose: Yield Growth Rising to Top as Leader in Edible and Medicinal Mushrooms

• The Psychedelic Investment That’s Becoming Hotter than Cannabis

The Dow Jones Industrials screamed higher 337.01 points, or 1.2%, to close at 28,014.80

The S&P 500 jumped 28.48 points to 3,145.91

The NASDAQ hiked 85.83 points, or 1%, to 8,656.53

Shares of 3M led the Dow’s strong gains, rising more than 4%. The energy sector was the best performer in the S&P 500, jumping 2%. Industrials and financials rose more than 1% each.

Google-parent Alphabet closed 0.9% higher and hit an all-time high. Apple shares also reached record levels, gaining 1.9%. Goldman Sachs shares jumped 3.4%.

The S&P 500 came into the session down 0.7% for the week, but Friday’s strong gains helped the index recover those losses. The Dow and NASDAQ each entered Friday trading down more than 1% week to date. They were only down 0.1% each for the week after the session began.

Stocks also closed just below their record highs reached Nov. 27. The S&P 500 was just 0.3% away from hitting an all-time high. The Dow and NASDAQ are both 0.6% off their records.

The U.S. Labor Department said the economy added 266,000 jobs in November. Economists polled by Dow Jones expected a gain of 187,000. The unemployment rate fell to 3.5%, matching its lowest level since 1969.

Friday’s report comes as investors grappled with mixed signals on the U.S.-China trade front this week. China started off the week saying it wants tariffs to be canceled as part of a “phase-one” trade deal. President Donald Trump later said he could hold off on any deal until after the 2020 U.S. election.

Prices for the 10-Year U.S. Treasury sagged, raising yields to 1.84% from Thursday’s 1.80%. Treasury prices and yields move in opposite directions.

Oil prices recaptured 59 cents at $59.02 U.S. a barrel.

Gold prices descended 18 dollars to $1,465.10 U.S. an ounce.