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Stocks Finish Brutal Week with Healthy Positives

Equities in Toronto enjoyed sharp gains, to take the sting out of weekly losses.

The TSX Composite Index gained 80.32 points to end Friday and the week at 16,449.35, and take some of the blow out of a weekly loss of 244 points, or 1.47%

The Canadian dollar inched higher 0.12 cents at 75.11 cents U.S.

Gold stocks proved the clubhouse leaders at noon hour, with Torex Gold soaring 49 cents, or 2.9%, to $17.70. Centerra Gold climbed 47 cents, or 4%, to $12.25.

The materials sector was led by Cascades, which gained 37 cents, or 3.3%, to $11.50, while Chemtrade Logistic Income Fund sprinted 27 cents, or 2.6%, to $10.73.

Elsewhere, information technology stocks boomed higher, as Quarterhill Inc. took on three cents, or 1.9%, to $1.64, while Sierra Wireless galloped 25 cents, or 1.8%, to $13.95.

Health-care stocks moved lower, as Cronos Group skidded 37 cents, or 3%, to $12.01, while Aurora Cannabis shed 16 cents, or 2.7%, to $5.85.

Among energy issues, Secure Energy Services got pasted 39 cents, or 8.1%, to $4.44. while Tourmaline Oil's wounds were not so fresh, but certainly in evidence, down 35 cents, or 2.9%, to $11.70.

Consumer staples got knocked around, primarily, Alimentation Couche-Tard, which drifted lower 58 cents, or 1.4%, to $40.64, while Cott Corp. was off 13 cents, to $16.78.

Economically speaking, Statistics Canada reported that Canada's exports rose 1.8% in August, while imports were up 1.0%. As a result, Canada's merchandise trade deficit narrowed from $1.4 billion in July to $955 million in August.

Elsewhere, Western University's IVEY Purchasing Managers' Index slumped in September to 48.7, from August's 60.6, and also down from 50.4 in September 2018

ON BAYSTREET

The TSX Venture Exchange gained 0.98 points to 558.76, for a downward weekly journey of 10.8 points, or 1.9%,

All but three of the 12 Toronto subgroups were positive to go into the weekend, with gold jumping 1.9%, materials up 1.2%, and information technology clicking higher by 0.8%.

The three laggards were weighed most by health-care, down 1.3%, consumer staples, fading 0.7%, and energy, lower by 0.5%.

ON WALLSTREET

Stocks closed higher on Friday as the latest U.S. jobs report hit the sweet spot with Wall Street traders.

The Dow Jones Industrials popped 372.68 points, or 1.4%, to close the week at 26,573.72

The S&P 500 zoomed 41.38 points, or 1.4%, to 2,952.01

The NASDAQ Composite surged 110.21 points, or 1.4%, to 7,982.47

For the week, however, the Dow and S&P 500 posted a third straight decline. The NASDAQ rose about 0.5% week to date.

This weekly performance came after a dismal U.S. manufacturing data report sparked fears of a potential recession in the U.S. Between Tuesday and Wednesday, the Dow lost more than 800 points.

Tech was the best-performing sector in the S&P 500, gaining 1.7% as Apple rose 2.8%. The tech giant's stock rose after Nikkei reported the company is increasing iPhone 11 production by 10%.

The U.S. economy added 136,000 jobs in September, the Bureau of Labor Statistics said Friday. Economists polled by Dow Jones expected an increase of 145,000 jobs. The unemployment rate fell to 3.5%, a 50-year low, but wages grew at a slower-than-expected pace last month.

The Federal Reserve is largely expected to cut rates later this month. Expectations for a 25 basis-point rate cut were at 79% on Friday

Prices for the benchmark 10-year U.S. Treasury nicked higher, lowering yields to 1.52% from Thursday's 1.54%. Treasury prices and yields move in opposite directions.

Oil prices gained 45 cents to $52.90 U.S. a barrel.

Gold prices fell $2.80 to $1,511.00 U.S. an ounce.

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