TSX Poised to Snap Four-Day Losing Streak on Fed Rate Hopes

Canada's main market index, the TSX, was poised to end its four-day losing streak on Friday after rising by 164.12 points at noon EDT. This increase came as a weaker-than-expected U.S. jobs report bolstered hopes that the Federal Reserve will hold interest rates steady later this month.

The TSX had gained 35,318.88 by the afternoon, but was still behind on the week by 482 points or 1.3%. The Canadian dollar also declined slightly, trading at 70.20 cents U.S.

Prime Minister Mark Carney announced that Canada would fast-track the approval process for a new proposed crude oil export pipeline to the West Coast. This move is aimed at diversifying the economy away from the U.S.

In other news, the TSX Venture Exchange slumbered 1.17 points to 877.61, still trailing last Friday's close by 43 points or 4.6%. The eight subgroups that were higher included information technology, materials, and industrials, with health-care being one of the four laggards.