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The S&P/TSX Composite Index rose by 1.5% to close at 32,471 on Friday, bouncing back from the previous day's downturn and achieving impressive weekly gains of 1.7%. The rally was driven by robust performances in the mining and technology sectors, which outweighed ongoing macroeconomic concerns. The market found encouragement in January's labor figures, which surprisingly showed a drop in the unemployment rate to 6.5%, thereby alleviating immediate growth anxieties. Although there was a slight decline in net employment, it did not significantly alter expectations regarding the Bank of Canada's monetary policy stance. Technology stocks spearheaded the upward trend, with Open Text soaring 9.7% following robust earnings results. Celestica gained 4.7%, and Shopify also strengthened, mirroring a recovery in major US technology stocks. Resource stocks outpaced others, with companies like Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco Nevada seeing gains ranging from 2.7% to 3.7%, in line with a surge in gold prices. However, energy stocks displayed mixed performance due to the volatile oil markets as the US-Iran discussions in Oman loomed.
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