The Toronto Stock Exchange surged sharply higher on Friday after surprising news that the Canadian economy added 35,900 jobs in April.

The S&P/TSX composite index gained 270.94 points, or 2.7%, to finish at 10,237.99 on the promising economic news.

For the week, the benchmark index gained about 8%.

The energy group led the gains, rising 5.7% as oil futures advanced to a 10.2% weekly gain. Crude for June delivery rose US$1.92, or 3.4%, to US$58.63 a barrel on the New York Mercantile Exchange.

Shares of Suncor Energy Inc. surged $2.33, or 6.7%, to close at $37.26 and EnCana Corp. rose 6.7% to $65.42.

Petro-Canada saw its stock soar $3.83, or 8.9%, to finish at $46.75.

Canadian Natural Resources Ltd. advanced 5.1% to close at $63.44 and Talisman Energy Inc. gained 3.2% to $16.61.

Financial stocks also displayed strength on Friday, gaining 3.6%.

Manulife Financial Corp.’s stock soared 7.3% to $23.80 and Sun Life Financial Corp. finished at $29.55, up 5.5%.

Shares of CI Financial Inc. jumped $1.10, or 6.7%, to $17.55. CI releases its first-quarter earnings on Tuesday.

Also higher was Bank of Nova Scotia, up 4.3% to $37.66.

Units of GMP Capital Trust advanced 2.8% on Friday, after it announced first quarter profit of $7.1 million, down 66% from the first quarter of last year, but up 99% from the fourth quarter. GMP units closed at $8.94.

Shares of Gluskin Sheff and Associates Inc. jumped 9.4%, after news that the company’s net income fell 37% to $4.1 million in the first quarter, while assets under managed rose by $0.2 billion. The company’s shares gained $1.22 to close at $14.20.

The materials group rose 1.5% during Friday’s trading. The sub-gold index advanced 1.4% despite a slight dip in gold futures. June gold slid US$0.60, or 0.1%, to end at US$914.90 an ounce on the Comex division of the New York Mercantile Exchange. For the week, the contract added 3%.

Goldcorp Inc. gained 2.1% to $37.11 and Barrick Gold Corp. rose 1.5% to $39.13.

Lower for the day was Inmet Mining Corp., down 3.4% to $47.70.

Meanwhile, the S&P/TSX Venture composite index gained 16.64 points, or 1.6%, to finish the day at 1,069.75.

The Canadian dollar surged in value on Friday, gaining more than a cent and a half to close at US86.98¢, after the release of the April jobs numbers.

In New York, the main stock market indices also jumped higher on similarly promising employment news. The U.S. Department of Labour announced that the U.S. economy shed a fewer-than-expected 539,000 jobs in April.

The Dow Jones industrial average added 164.80 points, or 2%, to 8,574.65. For the week, the blue-chip index gained 4.4%.

The S&P 500 index rose 21.84 points, or 2.4%, to 929.23, up 5.9% for the week.

The Nasdaq composite index gained 22.76 points, 1.3%, to 1,739.00, for a weekly gain of 1.2%.

IE