Bay Street Welcomes End To Brutal Week -- Canadian Commentary

(RTTNews) - The Canadian market caught its breath Friday, pausing after brutal losses earlier in the week.

Toronto's main index settled at a fresh 3-year low, but today's weakness was mild compared as energy and financial stocks steadied.

Miners continued to be hammered, however, while gold shares pared recent gains as risk appetite picked up ever so slightly.

The S&P/TSX Composite Index dropped 2.76 points, or 0.02 percent, to 12,445.45, falling into negative terrain late in the session.

Traders reacted to upbeat employment news from both sides of the border.

The US Labor Department said non-farm payroll employment climbed by 292,000 jobs in December compared to economist estimates for an increase of about 200,000 jobs.

Meanwhile, the Canadian economy generated 23,000 jobs.

Crude oil futures ended a brutal week with another daily loss Friday, as a variety of factors continued to scare investors.

February oil settled at $33.16/bbl on Nymex, the lowest since early 2004.