TSX Ends Losing Streak as Weak Jobs Report Boosts Rate Hopes
The TSX ended its four-day losing streak on Friday after a weaker-than-expected U.S. jobs report boosted hopes that the Federal Reserve will keep interest rates steady in October.
The Canadian stock market rose by 347.89 points, or 1%, to close at 35,502.65 on Friday. The index was down 482 points, or 1.3%, for the week.
Industrials led the charge upward, with Aecon Group up $3.07, or 5.4%, to $59.89, and GFL Environmental capturing $2.32, or 4%, to $59.86. Tech stocks also rose, with Firan Technology up $2.02, or 8.1%, to $26.99.
The jobs report showed the U.S. economy added only 29,000 jobs in September, far below the expected 84,000. The unemployment rate rose to 4.2%. Fed funds futures trading now suggests an 86% likelihood that the Federal Reserve will keep interest rates steady at its upcoming meeting.