The markets today
TORONTO (CP) — The Canadian dollar surged to its highest level in more than three months after the country’s jobless rate hit a four-decade low, as the Toronto stock index fell.
The loonie closed at an average trading value of 80.63 cents US, up 0.73 of a U.S. cent on Friday – its highest level since Sept. 26. The currency’s move higher came in the wake of a report by Statistics Canada that the economy created 78,600 net new jobs in December and the unemployment rate fell to its lowest point in more than 40 years.
On Bay Street, the S&P/TSX composite index was down 63.50 points to 16,349.44 after setting record closes in the last two trading sessions.
“Today seems to be one of these days where the reflationary, more pro-cyclical sectors are sort of taking a pause after a strong run into the end and start of the year – namely energy and materials,” said Patrick Blais, a managing director and senior portfolio manager at Manulife Investments. The Dow Jones industrial average climbed 220.74 points to 25,295.87. The S&P 500 index added 19.16 points to 2,743.15 and the Nasdaq composite index advanced 58.65 points to 7,136.56.
U.S. stocks rose for the fourth day in a row Friday to start 2018 with their longest new-year winning streak in eight years.
The February gold contract gained 70 cents at US$1,322.30 an ounce.