TSX’s Market Close Higher as US Economy Created 157,000 Jobs in January

TSX’s Market Close Higher as US Economy Created 157,000 Jobs in January

On the last Friday, the Toronto stock market closed higher as the U.S. job creation data and a strong indicating in the U.S. manufacturing sector increased expects that indexes can build on the strong January gains. While, the S&P/TSX composite index climbed 83.59 points to 12,768.83 while the TSX Venture Exchange towards 6.95 points at 1,228.66.

The U.S. Labour Department's non-farm payrolls report said the U.S. economy created 157,000 jobs in January. It also significantly revised upward the number of jobs created in November and December, with a total of 127,000 more jobs created than initially thought. Still, the jobless rate rose 0.1 of a point to 7.9%.

Sentiment was continued increased as a key reading on the manufacturing emerged in much better than expected. The Institute for Supply Management's index emerged in at 53.1 in January, it rose from 50.2 in December, to the highest level since April. The economists had estimated a read of 50.5.

The Canadian dollar was flat at US100.27¢, after the loonie finished above parity on Thursday, its first time in a week.
The U.S. indexes were higher as the Dow Jones industrials rallied 149.21 points to 14,009.79, finishing above the 14,000 level, the first time since October 2007.

In the earnings news, Exxon Mobil said its fourth-quarter earnings climbed 6% to US$9.95 billion with assist from higher profit margins in the refining business. The net income equalled $2.20 per share, compared to $1.97 per share in the last year. Revenue dropped 5% to $115.17 billion.

The Canadian subsidiary, Imperial Oil, posted their higher net income in the fourth quarter as the lower expenses more than offset a decline in revenue. Imperial said the net income in the latest period was $1.07 billion or $1.26 per share. That rose 7% from last year's $1.01 billion, or $1.18 per share. Revenue declined to $7.8 billion from $8.1 billion and the shares were 11¢ higher to $43.91.

The metal and oil prices closed higher in the wake of the U.S. economic data and the base metals sector increased 1.32% while March copper jumped 5¢ to US$3.78 a pound. Teck Resources advanced 65¢ at $37.