Toronto stocks ended the week on a strong note on Friday as traders shrugged off a disappointing jobs report. The S&P/TSX composite index rose 71.69 points to 7,251.96.

On the week, the TSX gained 0.46%.

Statistics Canada reported that the Canadian economy shed 13,300 jobs in July, compared with June’s 48,800 surge, with the July unemployment rate rising to 7.8%.

This fell short of forecasts that the jobless rate would remain unchanged at June’s 7.7% and that 5,000 jobs would be added to the labor market.

But analysts, who had been bracing for a gloomy report, said the numbers did not increase the likelihood that Bank of Canada would cut interest rates in September.

Golds stocks were a big contributor as the price of bullion broke up above the US$353 level.

The gold subgroup surged 4.54%. Glamis Gold rose $1.36 to $19.33, while Agnico-Eagle advanced $1.09 to $18.48.

There were more than 1% gains among the financials, industrials, materials, energy and healthcare groups.

In the heavily weighted financial services sector, Bank of Nova Scotia rose $1.10 to $60.10, while Royal gained 90¢ to $59.55.

The information technology sector was alone in negative territory, down 1.12 %.

Toronto volume of 197 million shares worth $2.3 billion. Market momentum was positive as advancers easily beat decliners 690 to 423.

The junior S&P/TSX Venture composite index climbed 3.22 points to 1,222.82.

In New York, blue chips ended slightly higher buoyed by McDonald’s after it reported strong restaurant sales. But weakness in semiconductor stocks sent the tech-heavy Nasdaq down in its sixth straight losing session.

The Dow Jones industrial average ended up 64.64 points, at 9,191.09, The broader S&P 500 rose 3.47 points to 977.59. The Nasdaq composite index (ended off 8.15 points at 1,644.03.

For the week, the Dow edged up 0.41%. But the broader S&P 500 slipped 0.26% and the Nasdaq gave up 4.17%.

Market attention is now fixed on next Tuesday’s U.S. Federal Reserve rate meeting. The Fed is widely expected to leave its key lending rates unchanged.

The Canadian dollar inched higher on Friday, rallying from morning weakness as the market took a second look at what initially seemed to be weak jobs numbers, while keeping an eye out for next week’s U.S. interest rate decision.

The loonie finished at US71.86¢, up slightly from US71.80¢ at the previous close.