The Toronto stock market closed higher Friday as a much better than expected employment report from the United States reinforced hopes that its economy is steadily recovering from the worst recession since the Second World War.

Young Chin, chief investment officer of Pyramis Global Advisors, a Fidelity Investments company, will assume leadership of the Pyramis global sector portfolio management team effective March 31, Toronto-based Fidelity Investments Canada ULC said Friday.

Seven-time Tour de France champion Lance Armstrong has always denied doping allegations. On Friday, US prosecutors said they couldn't make a case stick.