Loonie closes above 75 cents U.S., TSX gains 89 points

TORONTO -- North American markets closed higher on the final trading day of the week as oil rose and new jobs data out of the U.S.

See Full Article

was stronger than anticipated.

The S&P/TSX composite index rose 88.85 points to 13,212.50, while the loonie gained 0.40 of a cent to 75.05 cents US.

It was the first time since late November that the loonie closed above 75 cents US.

In New York, the Dow Jones industrial average climbed 62.87 points to 17,006.77, while the broader S&P 500 composite index advanced 6.59 points to 1,999.99. The Nasdaq composite rose 9.60 points to 4,717.02.

South of the border, the economy added 242,000 jobs last month, particularly in the construction, retail and health care sectors, according to the latest data from the U.S. Labor Department, which also revised its job estimates for December and January upwards.

Bruce Cooper, chief investment officer of TD Asset Management, said the jobs data was a positive for both the U.S. and the Canadian stock markets on Friday.

"We worry about an environment of relatively low growth," Cooper said.

"So when you get indications that in the biggest economy in the world, which is the United States, things are continuing to move along -- they're not roaring ahead, but they're moving ahead in a reasonable fashion -- that allows the market to breathe a sigh of relief."

Toronto's resource-centric market benefited from a boost in commodity prices Friday. The metals and mining sector of the TSX grew 5.17 per cent, while base metals stocks were up 4.22 per cent. Meanwhile, energy stocks gained 2.98 per cent.

Crude oil, which has been flirting with US$35 a barrel for the last few days, finally closed above that mark -- something it hasn't done since late January. The April contract for benchmark U.S. crude oil rose $1.35 to US$35.92 a barrel.

The rebound in the price of oil helped the TSX slip into positive territory for the year so far this past week.

"Of the major markets, the TSX is the best performing market year-to-date," Cooper said. "Canada clearly has the most resource exposure of any of the major markets, and so it's a beneficiary as the commodity recovers."

Oil has recovered somewhat as rock-bottom prices forced a number of U.S. producers to scale back their drilling, Cooper said.

"The number of drills operating in the United States is down something like 70 per cent from 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 May copper was up seven cents at US$2.28 a pound.



Advertisements

Latest Economic News

  • Bitcoin futures set to begin trading at Chicago exchange

    Economic CTV News
    CHICAGO -- A security based on bitcoin, the digital currency that has exploded in popularly and volatility this year, was to begin trading on a major U.S. exchange for the first time on Sunday. The Chicago Board Options Exchange, one of the nation's largest traders of options and futures, planned to open up bitcoin futures for trading at 5 p.m. Source
  • Bitcoin futures rise as virtual currency hits major exchange

    Economic CTV News
    CHICAGO -- The first-ever bitcoin future began trading Sunday as the increasingly popular virtual currency made its debut on a major U.S. exchange. The futures contract that expires in January rose $340 to $15,800 in the first hour and 15 minutes of trading on the Chicago Board Options Exchange. Source
  • Shoppers rankled by doorstep theft of big-ticket deliveries

    Economic CTV News
    Todd Bailey is fed up with delivery companies that drop his online purchases at his door. A few years ago, the Grande Prairie, Alta., resident was at the hospital for the birth of his child when a big-screen TV he had ordered was left on his front stoop. Source
  • Even the best companies can't eliminate cyber attacks: experts

    Economic CTV News
    TORONTO -- Companies trying to stay ahead of the increasing threat of cyberattacks need to be cognizant of one simple fact: there is no perfect antidote or turnkey solution against criminals bent on breaching their systems. Source
  • 'Well, there's no limit on it': Ohio student makes a fortune buying Canadian-invented ether cryptocurrency

    Economic CBC News
    Eddy Zillan is an 18-year-old high school senior in Cleveland. He loves going to car shows and he plans to attend dental school after he graduates to become an orthodontist. In many ways, he's like most students his age except for the fact that he's made a fortune buying and selling cryptocurrencies. Source
  • Trump says Trudeau left out lumber, energy while talking trade numbers

    Economic CBC News
    U.S. President Donald Trump regaled a rally of supporters Friday night with a story about a disagreement with Canada's prime minister, then sprinkled his tale with some questionable statistics about international trade. Trump told a partisan crowd in Florida that he and Justin Trudeau had a closed-door debate about trade balances. Source
  • Is Rogers really going to sell the Blue Jays? Don't bet on it

    Economic CBC News
    The math is pretty hard to argue with. Rogers bought the Blue Jays for a mere $165 million in 2000. Today the franchise is worth more than $1.6 billion. By any measure, that's a nifty return on investment. Source
  • 'How can they get away with that?': Canadians pay much more than Americans for baby products

    Economic CBC News
    With just weeks to go before she's set to deliver twins, Toronto's Kelsi Hamilton and her husband are busy buying double of everything. Diapers, baby food, cribs, a double stroller — the long list of essentials adds up to big, budget-busting bucks. Source
  • What is bitcoin and why is the digital currency surging?

    Economic CBC News
    The bitcoin frenzy shows no sign of letting up, with the price of the digital currency soaring and bitcoin futures set to start trading on Sunday. Here's a look at what bitcoin is and why there's so much excitement around it. Source
  • Bitcoin briefly dips almost 20%, rebounds to hover just over $15,000 US

    Economic CBC News
    Bitcoin lost almost a fifth of its value in 10 hours on Friday, having surged more than 40 per cent in the preceding 48 hours, sparking fears the market may be heading for a price collapse. Source