Canadian Stocks Fluctuate Before Closing Mostly Higher

(RTTNews) - Canadian stocks fluctuated over the course of the trading session on Friday before eventually ending the day mostly higher.

The benchmark S&P/TSX Composite Index swung back and forth across the unchanged line but closed up 174.72 points or 0.7 percent at 24,758.76.

The higher close on Bay Street partly reflected strength among energy stocks, with the S&P/TSX Capped Energy Index surging by 2.5 percent amid a notable increase by the price of crude oil.

Telecom, utilities and consumer discretionary stocks also turned in strong performances on the day, moving higher along with most of the other major sectors.

The choppy trading seen earlier in the session came as traders digested monthly employment data from both sides of the border.

Statistics Canada released a report showing Canadian employment inched up by just 1,100 jobs in February, while the unemployment rate was unchanged at 6.6 percent.

Job gains in wholesale and retail trade and finance, insurance, real estate, rental and leasing were largely offset by declines in professional, scientific and technical services and transportation and warehousing.

Meanwhile, the Labor Department released a report showing employment in the U.S. increased by slightly less than expected in the month of February.

The report said non-farm payroll employment climbed by 151,000 jobs in February after rising by a downwardly revised 125,000 jobs in January.

Economists had expected employment to grow by 160,000 jobs compared to the addition of 143,000 jobs originally reported for the previous month.

The report also said the unemployment crept up to 4.1 percent in February from 4.1 percent in January, while economists had expected the unemployment rate to remain unchanged.