TSX Flat Despite US Rate Hike Fears, Falling Oil Prices -- Canadian Commentary

(RTTNews) - Canadian stocks withstood a barrage of bearish news on Friday, closing only slightly negative despite falling crude oil prices and expectations the Federal Reserve will raise interest rates in the US.

Job growth in the U.S. showed a substantial reacceleration in the month of October, according to a report released by the Labor Department on Friday.

The report said non-farm payroll employment jumped by 271,000 jobs in October following a downwardly revised increase of 137,000 jobs in September.

Meanwhile, Statistics Canada reported that the Canadian economy created 44,000 jobs in October, and that the unemployment rate declined by 0.1 percentage points to 7%.

The S&P/TSX Composite Index dropped 5.48 points to 13,553.30.

Gold stocks were hammered, but financials edged higher in a choppy session on Bay Street.

Gold for December delivery fell $16.50, or 1.5%, to settle at $1,087.70 a troy ounce on the Comex division of the New York Mercantile Exchange.

Energy stocks fell 0.59 percent after the Obama Admistration said no the proposed Keystone Pipeline.

US WTI crude oil dropped 91 cents, or 2%, to $44.29 a barrel on the New York Mercantile Exchange.