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The S&P/TSX Composite Index endured a challenging week, slipping 0.9% to close at 32,542 on Friday, as escalating regional tensions and a weakening domestic economic outlook weighed on sentiment. Investors reacted to Statistics Canada data showing an unexpected loss of 83,900 jobs in February and a rise in the unemployment rate to 6.7%, alongside a decline in manufacturing sales. The deterioration in the labor market put pressure on heavyweight financial and technology names, while energy producers continued to contend with sharp price swings as the blockade in the Strait of Hormuz kept crude benchmarks elevated. At the same time, major bullion miners Agnico Eagle, Barrick Gold, and Wheaton Precious Metals fell between 3.4% and 4.3%, as gold prices retreated under the strain of a stronger US dollar. Both technology and financial sectors ended the week firmly in negative territory.
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