4:30 p.m. ET: North American equity markets extend rally into the weekend

North American equity markets rallied into the weekend, with the S&P/TSX Composite Index closing the day up 2.10 per cent, the S&P 500 rising 2.62 per cent, the Dow Jones Industrial Average rising 3.15 per cent and the Nasdaq Composite Index up 2.06 per cent. The rally comes amid optimism over the reopening of global economies and a jump in employment in Canada and the United States, bringing the major indices close to the levels of the beginning of the year.

For the week, the TSX was up 4.35 per cent, the S&P 500 gained 4.91 per cent, the Dow was up 6.81 per cent and the Nasdaq gained 3.42 per cent.

In Toronto, eight of the 11 TSX subgroups were in positive territory, led by energy, real estate and financials. Only information technology, materials and health care closed the day lower.

Oil prices gained on optimism OPEC+ would be able to reach a consensus on extending record-shattering production cuts. U.S. benchmark West Texas Intermediate was up four-and-a-half per cent to US$39.10 per barrel, while Alberta’s Western Canadian Select rose 9.97 per cent to US$30.56.

The Canadian dollar rose against its American counterpart, up four-tenths of a cent to 74.47 cents U.S.

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1:15 p.m. ET: North American stocks surge as job growth fuels optimism

North American equity markets surged amid optimism over the impact of reopening global economies and unexpected jobs growth in Canada and the United States in May. The S&P/TSX Composite Index rose 2.2 per cent, the S&P 500 jumped 2.9 per cent, the Dow Jones Industrial Average was up 3.5 per cent and the Nasdaq Composite Index traded above its record closing high, with a 2.14 per cent gain.

In Toronto, nine of the 11 TSX subgroups were in positive territory, led by real estate, energy and financials. Only materials and energy were in negative territory.

Since the March 23 trough, the TSX has surged 41 per cent, though the benchmark composite remains about 12 per cent below its all-time high. During that rally, every one of the subgroups have pushed higher, led by a 70 per cent gain in consumer discretionary stocks, and a 59 per cent gain for information technology and energy.

Every single stock on the composite has been in positive territory out of that trough, with a trio of energy names leading the way: Whitecap Energy Inc. is up 205 per cent, Vermilion Energy Inc. has gained 204 per cent and Seven Generations Energy rose 202 per cent since the March low.