Stocks rise sharply as traders balance robust jobs numbers with Fed stimulus

TORONTO — The Toronto stock market closed sharply higher as a much stronger than expected American employment report encouraged buyers while at the same time raising worries that the Federal Reserve could be set to unwind a key stimulus program.The S&P/TSX composite index gained 84.13 points to 13,378.33, as investors also took in Canadian jobs numbers that breezed past expectations.The loonie was down 0.15 of a cent to 95.44 cents US as the economy created 13,200 jobs last month. Economists had expected that about 11,000 jobs would be created.The greenback was sharply higher after the U.S. Labor Department reported that the economy cranked out 204,000 jobs, far above the approximately 120,000 reading that had been expected.U.S. indexes also took off. Traders balanced the latest indication of an improving economy with rising concerns that the Federal Reserve will start winding up its US$85 billion of monthly bond purchases. That stimulus program has supported a strong rally on markets.The Dow Jones industrials surged 167.8 points to 15,761.78, the Nasdaq climbed 61.9 points to 3,919.23 and the S&P 500 index was ahead 23.46 points to 1,770.61 .Canadian Press

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