The Toronto Stock Exchange Broadcasting Center is shown in Toronto on Friday, June 28, 2013. THE CANADIAN PRESS / Aaron Vincent Elkaim – The Canadian Press
TORONTO — Canada’s main stock index rose more than 300 points on Friday, led by major commodity stocks, while U.S. stock markets were closed for the Fourth of July holiday.
The S&P/TSX Composite Index rose 308.17 points to 35,274.84.
Gold prices supported growth in the commodities sector, which includes mining companies. The August gold contract rose US$61.60 to US$4,187.30 an ounce.
“The catalyst for gold prices came yesterday when we saw US jobs decline,” said Allan Small, senior investment adviser at iA Private Wealth.
A report released Thursday showed that U.S. employers added 57,000 jobs to their payrolls last month. That’s growth that’s good for the U.S. economy, but it also fell short of the 100,000 jobs economists expected and a slower pace of hiring compared to May.
The weaker-than-expected result could curb inflation, which is accelerating globally due to oil price shocks caused by the war with Iran. And now that oil prices have fallen back below pre-war levels, if inflation slows in the coming months, the US Federal Reserve may reduce the need to raise interest rates several times this year.
The TSX energy sector also strengthened on Friday as oil prices rose slightly. The August crude oil contract rose nine US cents to US$68.78 a barrel.
Small said talks between the U.S. and Iran appear to be on hold as Iran prepares for a daylong funeral for its war-killed Supreme Leader.
“There are also rumors that Iran is acting tough again, saying that any tankers or ships passing through the strait must follow approved routes through the strait. There are also rumors that they are levying tariffs, the US claims that this is not true,” he said.
Iran’s unified military command warned on Thursday that all oil tankers traveling through the Strait of Hormuz must use approved routes or face a “forceful response,” reigniting tensions over a waterway critical to international energy supplies.
Looking ahead, Small said there are questions about what factors could drive the stock market higher.
“We’re seeing such a bull market when it comes to technology (and) artificial intelligence,” he said.
“How long can this go on? And I think this is the main fear for this market as a whole, for the global market. How long can these memory chip companies continue to show incredible profits and results?”
The Canadian dollar traded at 70.42 US cents, down from 70.52 US cents on Thursday.
Commodity prices are only momentary because there are no fixed prices during the US holidays.
This report by The Canadian Press was first published July 3, 2026.
— With files from The Associated Press.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
Daniel Johnson, The Canadian Press