TORONTO - The Toronto stock market racked up a solid gain at the end of a positive week amid strong jobs data.

The S&P/TSX composite index advanced 70.37 points to 12,540.81 as the Canadian economy created 40,000 jobs last month, much higher than the 5,000 positions that were expected.

The Canadian dollar closed up 0.1 of a cent to 101.31 cents US.

The Dow Jones industrials rose 43.85 points to 13,435.21 as the U.S. economy cranked out 155,000 positions, which was in line with expectations. The Nasdaq inched up 1.09 points to 3,101.66 while the S&P 500 index closed at a five-year high, up 7.1 points to 1,466.47.

Oil gained 17 cents to US$93.09 a barrel.

The TSX gained 1.8 per cent this past week while the Dow Jones industrials ran ahead 3.84 per cent amid relief that the U.S. economy avoided a combination of government spending cuts and tax increases that came to be known as the "fiscal cliff."