TSX breaks through 9,000, up 13.7% on week

The past month on the S&P/TSX composite index

The TSX/S&P composite index had a late-session spurt Friday, jumping 5.9 per cent and giving the benchmark index a 13.7 per cent gain on the week.

The index closed up 516.85 points at 9,270.62, the first close over the 9,000 level since Nov.14. It added 1,115 points during the week.

Financial issues led the charge Friday, with the sub-index gaining more than 11.8 per cent, closely followed by real estate, up 9.9 per cent. Every sub-index rose.

Shares of financial giants like Great West Lifeco, Manulife Financial, Power Corp. and Sun Life, which had been badly beaten up in the sell-off over concern about credit markets, jumped dramatically, adding from 14.9 per cent to 21.8 per cent.

The big chartered banks were up between 7.5 per cent for National Bank shares to 13 per cent at the Bank of Nova Scotia.

The Dow Jones industrial index closed early Friday with a gain that capped five days of rising prices, leaving the index up 9.7 per cent over the week.

The index added 102.43 points, or 1.17 per cent, to close at 8,829.04. It was up 783 points over the week.

The Friday session was shortened, with the market closing at 1 p.m. ET, after the U.S. Thanksgiving holiday on Thursday.

Investors apparently were encouraged by the crowds at stores the day after Thanksgiving, widely seen as the start of the U.S. Christmas shopping season.

The S&P/TSX composite index was up about 170 points to 8,923 in mid-afternoon trading. Every sub-index except materials rose. Financial issues had the biggest percentage gain.

The Dow's rise on the week followed two initiatives that started the week well. On Sunday, the U.S. government announced a support package for Citigroup, and on Monday, president-elect Barack Obama revealed his economic team.

Citigroup shares, which were at $3.77 US on Nov. 21, closed the week at $7.94.