On Friday, investors liked the fact that wage growth was slowing in both Canada and the United States. As a result, the main index had its best week in six weeks.
By the end of the week, the TSX had risen 265.1 points, or 1.4%, to 19,771.94. The index rose 429 points, or 2.2%, in the final four sessions of a shortened week (markets were closed on Monday).
The Canadian dollar gained 0.65 cents to 74.38 cents US.
The energy sector was the biggest winner on Friday, with Paramount Resources up $1.65, or 6.5%, to $27.18 and Canadian Natural Resources up $2.39, or 3.4%, to $70.99.
GFL Environmental gained $0.27, or 3.1%, to $44.99. Finning International gained $0.09, or 3.2%, to $34.80.
Aritzia rose $1.55, or 3.2%, to $49.33, while Dollarama rose $2.31, or 2.9%, to $82.65.
In terms of the economy, Statistics Canada reported that employment increased by 104,000 (or 0.5%) in December, while the unemployment rate fell by 0.1 percentage point to 5.0%, just above the record low of 4.9% set in June and July.
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The TSX Venture Exchange rose 10.77 points, or 1.9%, to 581.89, for a weekly gain of 11 points, or 1.94%.
All 12 subgroups closed higher on Friday, with energy up 3%, materials up 2.2%, and gold stocks up 2%.
On Friday, stocks in the United States rose following the release of the December jobs report, and an economic activity survey suggested that inflation may be moderating as the Federal Reserve continues to raise interest rates.
The Dow Jones Industrial Average rose 699.81 points, or 2.1%, to 33,629.89 on Friday, marking a 1.5% weekly gain.
The S&P 500 rose 86.93 points, or 2.3%, to 3,896.08, gaining 1.45% in the first week of the year.
The NASDAQ Composite Index rose 264.05 points, or 2.6%, to 10,569.29 this week, gaining nearly a full percentage point.