Bay Street Dancing Into Long Weekend -- Canadian Commentary

(RTTNews) - Canadian stocks will look to end a blockbuster week on a high note Friday amid rising oil and metal prices.

Bay Street has been in a giddy mood all week, particularly since the minutes of the most recent U.S. Federal Reserve hinted that interest rates will stay at zero for the near future.

Policy makers south of the border are nervous about China and are unlikely to risk the fragile U.S. recovery by raising interest rates by year's end, as they have been predicting.

Meanwhile in Canada, the economy created only 12,000 jobs in September, the nation's stats office reported this morning.

The S&P/TSX composite index jumped 110.31 points to close Thursday at 13,978.66, its highest settlement in more than 7 weeks.

Energy stocks will be in focus today. Crude oil prices continued to soar, pushing above $50 a barrel on the prospect of dwindling global supplies.

December crude oil was up 85 cents at $50.28 a barrel, its highest since mid-summer.

Miners could also extend this week's stunning rally. U.S. gold for December was up 10 dollars at $1155 an ounce at a 3-week high.

In corporate news, Clearwater Seafoods (CLR_DB_A.TO) has a deal to buy Macduff Shellfish Group for the equivalent of $195-million.

Markets are closed Monday for Canadian Thanksgiving.