North American stock markets indexes surged higher on Friday despite the release of January employment numbers that were significantly worse than expected on both sides of the border.

The S&P/TSX composite index rose 147.04 points, or 1.7%, to end at 9,008.02. For the week, the benchmark index rose 3.6%.

Materials stocks continued to show strength, gaining 2.2% on Friday.

The sub-gold index rose 1.4%, helped by growth in gold futures. Gold for February delivery closed up US$0.30 at US$913.90 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal ended the week down 1.5%.

First Quantum Minerals Ltd. continued its streak of gains, adding $2.30, or 8.1%, to close at $30.70.

Shares of Inmet Mining Corp. also moved sharply higher, rising $2.11, or 11.1%, to $26.11.

Shares of Agrium Inc. increased 4.7% to $46.99 and Potash Corp. was up 4.4% to $110.80.

The financials group added 1.8% in Friday’s trading.

Shares of TD Bank Financial Group advanced 1.6% after it confirmed it is raising its ownership of U.S. brokerage TD Ameritrade to 45% from 39.9%, at a cost of US$515 million. TD shares rose $0.63 to $39.80.

Manulife Financial Corp. saw its shares rise 4% to $21.23 and CIBC shares gained 3.3% to $48.45.

Also higher was Power Corp. of Canada, up 5.3% to $22.00, and TMX Group Inc., up 4.6% to $32.75.

Energy shares also displayed strength on Friday, rising 1.6% despite a dip in oil futures. Crude for March delivery ended down US$1.00, or 2.4%, at US$40.17 a barrel on the New York Mercantile Exchange. Crude ended the week down 3.6%.

Shares of Niko Resources surged $3.84, or 7.3%, to $56.58.

Petrobank Energy and Resources Ltd. gained 4.7% to $20.30.

Suncor Energy Inc.’s stock advanced 3.4% to $25.49 and Canadian Natural Resources Ltd. rose 1.4% to $45.43.

The S&P/TSX Venture composite rose 11.12 points, or 1.2%, to close at 909.34.

The Canadian dollar added US0.37¢ on Friday, to finish at US81.60¢.

In New York, optimism surrounding the U.s. economic stimulus package sent the main stock market indexes sharply higher.

The Dow Jones industrial average gained 217.52 points, or 2.7%, to end at 8,280.59, up 3.5% for the week.

The S&P 500 index closed at 868.59, up 22.74 points, or 2.7%. For the week, it gained 5.2%.

The Nasdaq composite index rose 45.47 points, or 2.9%, to 1,591.71, up a hefty 7.8% on the week.

IE