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Bulls stampede Great North
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March 5, 1999: 5:23 p.m. ET
Toronto, Montreal and Vancouver surge on Dow's impressive performance
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NEW YORK (CNNfn) - Toronto stocks soared on Friday as the market reacted to stronger than anticipated U.S. employment data and a surge in markets south of the border.
The Toronto Stock Exchange's key 300 Composite Index climbed 146.69 points, or 2.34 percent, to end the week at 6,415.40.
The impressive jumps came after traders reacted to stronger-than-expected U.S. jobs data.
"The employment numbers were considerably better than people had anticipated they would be," said Rick Hutcheon, president at CentrePost Mutual Funds.
However, Hutcheon is not expecting this upward trend to continue, noting that he expects the good times to last perhaps one more day before it once again retreats.
Overall in Toronto, 13 of the TSE 300 14 subindexes closed in positive territory led by a 4.43 percent hike in the conglomerates group and a 3.4 percent jump in the oil and gas group. The financial services subindex finished up 3.01 percent.
Elsewhere in the region, stocks in Montreal fared even better than they did in Toronto. The benchmark Montreal Portfolio leapt 102.54 points, or 3.06 percent, to 3,449.43. Advances trounced declines 233 to 119 with another 66 issues unchanged.
Stocks in Vancouver also advanced, but the gains were not as pronounced. The Vancouver Composite picked up 4.07 points, or 0.99 percent, to 415.14. Advances beat out declines 225 to 181 while another 143 issues held their ground.
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