Any hopes of a restful weekend without any worries about the state of the equity markets dissipated Friday as US jobs data presented a confusing picture for interest rate cuts. The non-farm payroll data showed that 173,000 jobs were created, far fewer than the 220,000 expected. Unemployment did fall to 5.1 per cent, more than was expected, and there was also a bigger than forecast rise in wages.
In Canada there was also employment data but although more jobs were created, unemployment was higher. But it was the US data that weighed heavily as the mixed news did little to indicate what the Fed may do with interest rates. European markets also fell as a result.
The S&P/TSX Composite Index closed down 118.1 (0.87 per cent)
The Dow Jones closed down 272.38 (1.66 per cent)
Oil is trending lower (Brent $49.58, WTI $46.05 at 4.05pm)
Gold is trending lower (1121.60 at 4.05pm)
The loonie is valued at U$0.7542