TORONTO – Usa markets closed higher round the final trading day as oil rose and new jobs data out of the U.S. was stronger than anticipated.
The S&P/TSX composite index rose 88.85 suggests 13,212.50, as the loonie gained 0.40 of a cent to 75.05 cents US.
It was the very first time since late November the loonie closed above 75 cents US.
In Ny, the Dow Jones industrial average climbed 62.87 suggests 17,006.77, because the broader S&P 500 composite index advanced 6.59 suggests 1,999.99. The Nasdaq composite rose 9.60 suggests 4,717.02.
South within the border, the economy added 242,000 jobs recently, mainly in the construction, retail and healthcare sectors, in line with the latest data in the U.S. Labor Department, which revised its job estimates for December and January upwards.
Bruce Cooper, chief investment officer of TD Asset Management, said the jobs data is a positive for that U.S. and also the Canadian stock markets on Friday.
“We bother about an atmosphere of relatively low growth,” Cooper said.
“So when you invest in indications that within the biggest economy on earth, the Usa, the situation is continuing to maneuver along – they aren’t roaring ahead, however are moving ahead inside the reasonable fashion – that allows industry to breathe a sigh of relief.”
Toronto’s resource-centric market cheated a good start in commodity prices Friday. The metals and mining sector in the TSX grew 5.17 %, while base metals stocks were up 4.22 percent. Meanwhile, energy stocks gained 2.98 percent.
Crude oil, that’s been flirting with US$35 a barrel over the past couple of days, finally closed above that mark – something it hasn’t done since late January. The April deal for benchmark U.S. oil rose $1.35 to US$35.92 a barrel.
The rebound inside the price of oil helped the TSX put on positive territory for that year thus far the 2009 week.
“Of the primary markets, the TSX is the foremost performing market year-to-date,” Cooper said. “Canada clearly has got the most resource exposure of the within the major markets, and therefore it is a beneficiary because the commodity recovers.”
Oil has recovered somewhat as rock-bottom prices forced numerous U.S. producers to reduce their drilling, Cooper said.
“The volume of drills operating in the usa is down something like 70 % in the peak,” Cooper said.
In other commodity news, April natural gas gained 2.7 cents to $1.67 per mmBtu, the April gold contract climbed $12.50 to US$1,270.70 per troy ounce and could copper was up seven cents at US$2.28 one pound.
