TORONTO - The Toronto stock market advanced for a fourth session Friday as economic optimism got another boost from a blowout Canadian jobs report.

The S&P/TSX composite index gained 137.08 points to 11,570.45 and the TSX Venture Exchange climbed 16.54 points to 1,369.55, helped by rising commodity prices as oil and copper advanced.

Statistics Canada reported that the economy created 93,200 jobs last month, much higher than the 20,000 that economists had expected. The unemployment rate dropped to 7.9 per cent from 8.1 per cent in May.

"There's no arguing with this strong report," said BMO Capital Markets economist Benjamin Reitzes.

"The jobs picture clearly shows that the Canadian recovery hasn't stalled yet, despite signs of slowing momentum in the U.S. and other economies."

The Canadian dollar was up sharply on the report, rising 0.95 of a cent to 96.74 cents US on growing conviction that the Bank of Canada will raise rates for the second time this year on July 20.

The positive showing Friday helped add to a rise of 374 points or 3.34 per cent on the TSX this past week, indicating investors felt that last week's selloff of more than four per cent on worries about the global recovery was overdone.

The upbeat tone was helped by a U.S. report showing a larger than expected drop in the number of newly laid-off workers seeking unemployment benefits, and a strong outlook from American bank State Street.

"(But) Having a week where we have had a bit of a turnaround to the upside not necessarily gets us out of the woods yet," said Blair Falconer, portfolio manager at HSBC Securities.

"I would like to see the TSX, from a technical basis, get back above its 200-day moving average (which stands around 11,660). It would be nice to see it get above there to confirm this rally. Until that happens, we're still looking at things going a bit sideways."

Gains were widespread across most TSX sectors, led by a 3.18 per cent rise in the base metals component as the September copper contract on the New York Mercantile Exchange moved up four cents to US$3.05 a pound. Teck Resources (TSX:TCK.B) rose $1.16 to C$35.60 and Western Coal (TSX:WTN) gained 21 cents to C$4.22.

Gold stocks also advanced as the August gold contract in New York ran up $13.70 to US$1,209.80 an ounce. Goldcorp Inc. (TSX:G) gained 79 cents to C$43.09 and Barrick Gold Corp. (TSX:ABX) was ahead 63 cents to C$45.04.

The TSX energy sector was ahead 0.41 per cent with oil prices higher for a third day on indications of falling inventories in the U.S., which in turn led to hopes for higher demand. The August crude contract on the Nymex gained 65 cents to US$76.09 a barrel. Canadian Natural Resources (TSX:CNQ) was up 12 cents at C$36.81.

A major gainer was Research in Motion Ltd. (TSX:RIM). Its shares were up $3.62, or 7.01 per cent, at $55.23 on a report that the blackberry maker said it was preparing to expand applications stores and consumer Internet services into China.

Canadian National Railways (TSX:CNR) weighed on the TSX, down 45 cents at $60.70 after the stock was downgraded to neutral from overweight at JP Morgan.

New York markets were slightly higher following a string of gains, with investors turning cautious before the start of the U.S. second-quarter earnings reporting season next week.

New York's Dow Jones industrial average was 59.04 points higher at 10,198.03, finishing the week with a solid gain of 5.28 per cent.

The Nasdaq composite index gained 21.05 points to 2,196.45 while the S&P 500 rose 7.7 points to 1,077.93.

In corporate news, auto parts giant Magna International Inc. (TSX:MG.A) says its shareholders will vote July 23 on a share restructuring that would see founder and chairman Frank Stronach give up control of the company in return for nearly $1 billion in stock, cash and incentives. A vote scheduled for late June was postponed after Magna was ordered by regulators to provide shareholders with more data on the plan before they could vote. Magna said it has now provided that information and its stock rose $2.53 to $71.48.

The head of new wireless provider, Mobilicity, says his company will pursue legal action under the Competition Act if Rogers Communications (TSX:RCI.B) launches its new discount service called Chatr. John Bitove alleges Rogers would have to subsidize the new service and is launching it only to stifle new competition. Rogers shares dipped 14 cents to $35.32.

Xstrata Zinc Canada is going ahead with a new base metals mine in northwestern Quebec. The global mining giant and its Vancouver junior partner Donner Metals Ltd. (TXV:DON), said they will immediately develop the Bracemac-McLeod mine in Matagami, Que. Donner shares gained 10 cents or 55.56 per cent to 28 cents.

Crowflight Minerals Inc. (TSX:CML) has signed a deal for a private placement financing to raise $12 million to help fund its Bucko Lake Mine. It will issue up to 85.7 million shares at a price of 14 cents per share. But investors concerned about dilution sent its shares down a cent or 7.4 per cent to 12.5 cents.