TORONTO — Canada’s main stock index gained almost 200 points Friday, led by strength in energy, tech and base metals, while U.S. markets also rose.
The latest U.S. employment report surprised to the upside, bringing relief to market watchers, said Graham Priest, portfolio manager at BlueShore Financial.
The report showed the U.S. economy added 254,000 jobs last month, higher than August and much better than economists had expected.
It also indicated an economic soft landing is still possible after the U.S. Federal Reserve hiked rates to quell inflation, said Priest.
“Overall, with the surprise in the jobs number and unemployment ticking down, it’s had a big impact,” he said.
Wall St. had been on edge after a couple of softer-than-expected employment reports heightened concerns that the Fed had waited too long to start cutting its key interest rate. Some traders were even betting that the Fed could announce another outsized…
