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TSX touches record high after strong domestic jobs data

Canada's primary stock index hit a. record high on Friday led by gains in mining stocks, while a. surprise decline in domestic unemployment rate assuaged issues. about a weak labor market.

The Toronto Stock market's S&P/ TSX composite index. rose as much as 180.36 points, or 0.74%, in morning. trade to touch an all-time high of 24,482.62. The index was set. for its fifth consecutive weekly rise.

Canada's joblessness rate all of a sudden succumbed to the first. time in 8 months to 6.5%, while the country added a net 46,700. tasks in September.

Overall, the majority of those jobs were full-time tasks, which is. constantly viewed as higher quality in terms of task growth, stated. Chris McHaney, head of financial investment management and technique at. Worldwide X.

I believe markets total are seeing that as a favorable.

At least nine sectors on the TSX got, led by a 1.1% rise. in materials tracking greater gold prices versus a. soft dollar. An increase in copper prices likewise provided assistance.

Top private gainers were NovaGold Resources Inc?,. Fortuna Mining Corp? and Celestica Inc << CLS.TO?>>, that . increased in between 2.9% to 3.7%.

However, the energy and health care fell. 0.2% and 0.3%, respectively.

While the information eased issues about the labor market, it. also compromised the case for an outsized rate cut by the Bank of. Canada.

Bets for a 50-basis-point cut have now minimized to 37% from. 51.6% earlier in the day, while those for a quarter-point cut. have increased to 63% from 48.4%.

Across the border, U.S. manufacturer rates were the same in. September, supporting views that the Fed would cut interest. rates once again next month.

Wall Street kick-started the profits season, with major. banks like JPMorgan Chase, Wells Fargo. , and BlackRock's reporting strong quarterly. results.

(source: Reuters)