TORONTO — Canada’s main stock index rose on Friday while U.S. markets drove further into record territory, as investors digested labour data on both sides of the border.

“It was mixed economic data because Canadian numbers, they came in weaker than expected, so it could mean that the economy is levelling off a bit,” said Ainsley Mackie, portfolio manager at Verecan Capital Management.

“In the States, the data surprised us … with stronger-than-expected growth and fewer layoffs. It could be potentially pointing at a more stable U.S. economy, and this was the first two months in a row in the U.S. in the last year that we actually had positive numbers.”

The S&P 500 climbed 0.8 per cent to an all-time high after a report said U.S. employers added 115,000 jobs last month, even though the war with Iran is raising fuel costs and uncertainty for everyone.

While hiring slowed from March’s level, it was still nearly double what economists expected. And it helped the S&P 500 close out a sixth straight winning week.

In contrast, Statistics Canada’s labour force survey on Friday showed a slight drop in jobs in April as the unemployment rate climbed higher. The agency said the economy shed 18,000 jobs in April, following an increase of 14,000 jobs in March.

The S&P/TSX composite index was up 221.14 points at 34,077.76.

In New York, the Dow Jones industrial average was up 12.19 points at 49,609.16. The S&P 500 index was up 61.82 points at 7,398.93, while the Nasdaq composite was up 440.88 points at 26,247.08.

The U.S. stock market has been blasting higher since late March, in part on hopes that the war will not mean a worst-case scenario for the global economy and that the Strait of Hormuz will reopen to allow oil tankers to deliver crude from the Persian Gulf again.

One big factor helping to support the U.S. stock market despite the war’s uncertainties is the strong profits that companies have been reporting for the start of 2026.

It’s still to be determined if those hopes are warranted or just wishful. U.S. forces fired on and disabled two Iranian oil tankers on Friday after exchanging fire with Iranian forces in the Strait of Hormuz overnight. It’s the latest flare-up in fighting to raise doubts about the tenuous month-old ceasefire that the United States has insisted is still in effect.

“I feel like, despite ongoing geopolitical tensions, the markets, they’ve remained relatively resilient. We look at past situations, so COVID-19 and Russia invading Ukraine, the markets adapt even during periods of uncertainty,” Mackie said.

“So we’re certainly still seeing that happening here, and so far corporate earnings are pointing to the positive direction.”

The price for a barrel of Brent crude oil rose 1.2 per cent to settle at US$101.29 following the latest volleys of fire.

The June crude oil contract was up 61 cents at US$95.42 per barrel.

In the Canadian stock market, the basic materials sector led the TSX higher.

The June gold contract was up US$19.80 at US$4,730.70 an ounce.

The Canadian dollar traded for 73.07 cents US compared with 73.34 cents US on Thursday.

This report by The Canadian Press was first published May 8, 2026.

— With files from The Associated Press.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

Daniel Johnson, The Canadian Press