TORONTO — Canada’s main stock index rose Friday, led by strength in base metals, utilities and telecom, while U.S. markets rallied after the latest jobs report came in cooler than expected.
Markets rose Friday after the latest report on the U.S. jobs market, which fell quite short of expectations, said Andrew Buntain, vice-president and portfolio manager at Fiduciary Trust Canada.
“Financial markets have responded robustly in North America, certainly, with equity markets and bond yields falling,” said Buntain.
The labour market added 175,000 jobs in April, down sharply from March and well below the 233,000 gain expected by economists. The unemployment rate also ticked higher to 3.9 per cent, and average hourly earnings rose less than expected.
For market watchers hoping for interest rate cuts, bad economic news is good news, said Buntain, as the central bank has been holding off on cutting due to continued economic…
