Canadian stocks demonstrated significant upward movement on Friday, continuing the positive trend of recent trading sessions.
The benchmark S&P/TSX Composite Index made a substantial early gain that persisted throughout the day, closing up 168.91 points or 0.7 percent to reach a new record of 24,471.71.
This strength coincided with a favorable reception to recent economic data from both Canada and the United States.
Statistics Canada reported a robust increase in employment, with 46,700 jobs added in September, marking the highest growth in five months and surpassing market expectations of a 27,000 job rise.
The unemployment rate in Canada also dropped to 6.5 percent in September, down from a 34-month high of 6.6 percent the previous month.
In parallel, the U.S. Labor Department indicated a deceleration in the producer price growth rate to 1.8 percent in September, compared to a revised 1.9 percent in August.
This data fueled optimism that the Federal Reserve will continue to reduce interest rates in the upcoming months, although the anticipation of an additional 50 basis point cut next month has significantly diminished.
Technology stocks led the market with standout performances, propelling the S&P/TSX Capped Information Technology Index to rise by 1.2 percent.
The consumer discretionary and industrial sectors also exhibited notable strength, advancing along with the majority of other major sectors.