Canadian stocks ended a blockbuster week on another high note, as traders cheered the dramatic rally in crude oil prices.
US crude oil jumped near $36 a barrel, offering relief for those terrified about low oil’s impact on the Canadian economy.
Prices are up more than 30 percent since touching a 13-year low near $26 a month ago.
An upbeat US jobs report also boosted sentiment.
The U.S. generated 242,000 new jobs in February, beating expectations for job growth of 190,000. The unemployment rate held at 4.9 percent.
Markets remained in a good mood today, as reflected in widespread gains across a variety of sectors.
The S&P/TSX Composite Index was up 88.85 points, or 0.68 percent, to 13,212.50 — a new yearly high. Stocks were up for a sixth consecutive session.
Energy stocks jumped 2.9 percent, while banks added another 0.6 percent.
Gold shares eased, however, slipping 1.2 percent despite surging gold prices.
April gold gained $12.50, or 1%, to close at $1,270.70/oz.
Prices have jumped to their highest since February 2015, having accelerated higher by about $50 an ounce this week.
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