Canadian Stocks Reach New Record Highs On Upbeat Data

(RTTNews) - Canadian stocks showed a strong move to the upside during trading on Friday, extending the upward trend seen over the past few sessions.

The benchmark S&P/TSX Composite Index saw a notable advance early in the session and remained firmly positive throughout the day. The index climbed 168.91 points or 0.7 percent to a new record closing high of 24,471.71.

The strength on Wall Street came amid a positive reaction to the latest economic data from both sides of the border.

Data from Statistics Canada showed that employment in Canada rose by 46,700 jobs in September, the most in five months and well above the market consensus of a net increase of 27,000 jobs.

The unemployment rate in Canada also eased to 6.5 percent in September from the 34-month high of 6.6 percent recorded in the previous month.

Meanwhile, data from the U.S. Labor Department showed the annual rate of growth by producer prices slowed to 1.8 percent in September from an upwardly revised 1.9 percent in August.

The data reinforced optimism the Federal Reserve will continue lowering interest rates in the coming months, although hopes for another 50 basis point cut next month have largely evaporated.

Technology stocks turned in some of the market's best performances on the day, driving the S&P/TSX Capped Information Technology Index up by 1.2 percent.

Consumer discretionary and industrial stocks also saw notable strength moving higher along with most of the other major sectors.