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Investing.com -- Canada’s main stock index closed higher on Friday, following two straight days of minimal losses. Investors were examining 1Q results from Apple, Amazon, and others in this week’s earnings deluge, as well as digesting positive data in a key U.S. jobs report.
Underpinning sentiment was positive, as trade tensions between the U.S. and China have culminated in a potential deal. According to Bloomberg, China has been quietly exempting some U.S. goods from its tariffs, relieving $40 billion worth of imports to soften the effect on its economy.
By 4:00 closing time ET, the bellwether S&P/TSX 60 index ticked up 14.3 points or 1% in trading
Toronto’s S&P/TSX also gained 236 points or 1%, having finished Thursday down 46.13 points or 0.2%. In Wednesday’s trading, the index declined by 32.8 points or 0.1%.
Markets have seemingly had a week of reprieve from U.S. President Donald Trump’s tariff chaos, as volatility has balanced out and U.S. markets have posted continual gains.
In other news, Prime Minister Mark Carney held his first press conference since the election of a Liberal minority parliament. He confirmed that he is meeting with Trump next Tuesday.
U.S. stocks jump
Trading in U.S. stocks finished positively Friday, as investors pushed the S&P 500 into the green for the 9th-straight day and examined strong nonfarm payroll data.
By the 4:00 ET closing time, the S&P rose by 82.5 points or 1.5%, the Nasdaq jumped 270 points or 1.5%, and the Dow increased by 564.5 points or 1.4%.
In Thursday’s trading, the Dow Jones Industrial Average rose by 55.4 points or 0.1%, the S&P 500 showed upside of 34.4 points or 0.6%, and the NASDAQ Composite followed with a jump of 264.4 points, or 1.5%.
The U.S.’ April Nonfarm Payrolls report showed jobs rose by 177,000, above expectations of 138,000. The U.S. unemployment rate held steady at 4.2%, in line with expectations.
The payrolls reading will be the most recent reflection of heightened economic uncertainty in the U.S., following on from gross domestic product data that showed the U.S. economy unexpectedly contracted in the first quarter.
Earnings
Shares of iPhone-maker Apple Inc (NASDAQ:AAPL) fell 3.8% on Friday after the company said it sees about $900 million in costs for the upcoming quarter due to tariffs.
Apple posted fiscal second-quarter results that topped Wall Street estimates on better-than-expected iPhone sales, but tariff concerns dented optimism.
Additionally, in Thursday night’s earnings, Amazon.com Inc (NASDAQ:AMZN) reported softer guidance for the current quarter and underwhelming growth in its key cloud computing segment, AWS.