Canadian, U.S. markets rally after differing labour market reports [Video]

Canadian and American markets moved higher on Friday, with the TSX posting a new all-time closing high, even as jobs reports in both countries painted different economic pictures.

The S&P/TSX composite index closed up 212.59 points at 22,264.38.

In New York, the Dow Jones industrial average was up 307.06 points at 38,904.04. The S&P 500 index was up 57.13 points at 5,204.34 and the Nasdaq composite was up 199.44 points at 16,248.52, both gaining more than one per cent.

The U.S. labour market continued to show surprising strength, adding 303,000 workers to employers’ payrolls in March.

The market took the report at face value, said Brian Madden, chief investment officer with First Avenue Investment Counsel.

Markets have tended in recent months to take strong economic reports as bad news because they indicate that central banks could continue holding interest rates for longer instead of cutting.

But this time, markets took the …