TSX Rises 244 Points as Canada Job Market Shows Signs of Recovery

Canada's main stock index rose nearly 250 points on Friday, as investors digested the latest employment figures. The domestic job market showed signs of recovery in July, with Statistics Canada reporting a 6.4% unemployment rate, down from previous months.

The TSX composite index jumped to 36,381.23, driven by gains in the basic materials sector, which was bolstered by rising gold prices. The December gold contract surged US$100.10 to US$4,399.70 an ounce.

Economists are divided on what this means for interest rates. Allan Small, senior investment adviser at iA Private Wealth, said he thinks the Bank of Canada will hold steady, despite strong jobs data and inflation slightly above target.