Longest weekly winning run in nearly a year for TSX.

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Despite a little decline on Friday, the primary stock index of Canada nevertheless managed to record its fourth consecutive weekly gain. This was due to the fact that larger-than-expected employment increases in both the United States and Canada boosted the odds of a soft economic landing.

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After reaching its highest closing level in nearly two years on Thursday, the S&P/TSX composite index (.GSPTSE), which is traded on the Toronto Stock Exchange, finished the day with a decrease of 57.03 points, or 0.3%, at 21,737.53.

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It is a little bit more complicated in Canada, I believe, but by all indications, the market is holding up very well," said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth. "All indications point to the market being relatively strong."

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The rate of unemployment in the United States reached a two-year high of 3.9% in February, despite the fact that job growth in the United States quickened in same month. This likely conceals any underlying softening of labor market conditions.

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The economy of Canada added 40,700 jobs in February, which was twice as many as was anticipated. However, wage growth slowed for a second consecutive month as the central bank continues to maintain interest rates at a level that is comparable to the highest level seen in 22 years.

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While oil prices finished 1.2% down at $78.01 per barrel, the energy sector had a fall of 0.7%. Additionally, shares of uranium miners came down. Both Nexgen Energy Ltd. (NXE.TO) and Cameco Corporation (CCO.TO) experienced a decline of 8.7% and 6.2%, respectively, as compared to the previous tab.

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Consumer-related equities also experienced a decline, with the consumer staples sector experiencing a decline of 1% and the consumer discretionary sector finishing with a decrease of 0.4%. An increase of 0.2% was seen in the materials index, which is comprised of companies that mine precious and base metals as well as fertilizer. This occurred as gold continued its record-breaking run.

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"In spite of the fact that gold is at an all-time high and in spite of the geopolitical uncertainties, the resource sector, which is a significant driver, has not really taken off. As a result, the development of the TSX is being slowed down a little bit," Picardo stated.

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