04:18 PM EDT, 11/01/2024 (MT Newswires) -- The Toronto Stock Exchange on Friday notched up only its second win day in the last 10, since closing at record high levels two weeks ago today, with the resources heavy index closing up 98.29 points or 0.4% at 24,255.16, buoyed by improved commodity prices and some bargain buying.

The rise comes as investors positions their portfolios ahead of next week's U.S. Presidential Election, the result of which could have a big knock-on impact for Canada and its trading relationship with the United States.

Among sectors, more were up than down, with the winners led by Health Care, Info Tech and Base Metals. Each of them was up by more than 1%. The Battery Metals Index was the biggest mover in losing near 3%. Advancing issues outpaced decliners 1,052 to 769, with 154 listings closing unchanged.

Of commodities, West Texas Intermediate crude oil closed higher on Friday following a report that Iran is planning further attacks on Israel using its Iraqi militia, reviving worries over a spreading Middle Eastern war, but gave up much of its early gains. WTI crude oil for December delivery closed up $0.23 to settle at US$69.49 per barrel after earlier touching US$71.45, while December Brent crude, the global benchmark, was up $0.31 to US$73.12.

Gold edged lower by late afternoon on Friday as the dollar and yields moved higher, recovering from early drops after the United States reported new hiring plunged in October due to hurricanes and strikes. Gold for December delivery was last seen down US$4.80 to $2,744.50 per ounce.

In terms of U.S. influence over Canadian markets, market participants here not only await next week's Presidential Election, but also the Treasury refunding supply, and next Thursday's interest-rate decision from the Federal Reserve's policy committee. There is the potential for a short covering relief rally following the election, particularly if the outcome results in a divided government, according to a report by Oxford Economics.

Elsewhere, Douglas Porter, chief economist at BMO Economics, noted financial markets have "displayed a flash of nerves after holding remarkably firm through most of the early fall". Porter added: "Major equity averages blithely marched higher through the most seasonally challenging period, but have since turned cautious, dipping about 3% from the record highs of two weeks ago before stabilizing on Friday. Even tech stocks, which have carved out their own path, faltered right after the Nasdaq hit a new high earlier this week. But despite the step back, the bigger picture is that stocks have managed to grind out some modest gains since the end of August in the face of numerous geopolitical risks and the deep uncertainty of next week's election."