• TSX ends up 0.7% at 24,471.17
• For the week, the index climbs 1.3%
• Financials add 0.8%; tech rises 1.2%
• Nine of 10 major sectors notch gains

Oct 11 (Reuters) - Canada's main stock index extended its record-setting run on Friday in a broad-based move that included gains for heavily weighted financial shares as investors cheered U.S. bank earnings and the move to lower borrowing costs globally.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 168.91 points, or 0.7%, at 24,471.17 ahead of a long weekend, with the market closed on Monday for the Thanksgiving Day holiday.

For the week, the index was up 1.3%, its fifth straight weekly gain, while it was eclipsing the previous day's record closing high.

"We're on a coordinated global easing cycle," said Mike Archibald, a portfolio manager at AGF Investments. "That is quite bullish for stocks. You are going to get a better flow of liquidity."

The S&P 500 and the Dow also hit record highs, with the biggest boosts from financial stocks after banks reported strong quarterly results while the latest inflation data supported expectations for the Federal Reserve to cut interest rates for a second time in November.

"Certainly the bank earnings out of the U.S. this morning were fairly positive ... and that's having a knock-on effect to the Canadian banks," Archibald said.

Financials, which account for 30% of the TSX's weighting rose 0.8%. It included gains for major banks such as Royal Bank of Canada (RY.TO) , opens new tab and Bank of Montreal (BMO.TO) , opens new tab, but a decline of 4% for the shares of TD Bank (TD.TO) , opens new tab, adding to the previous day's losses.

Industrials were up 1.1% and technology added 1.2%. Nine of the 10 major sectors ended higher.

The Bank of Canada is also expected to continue its easing campaign after a downbeat business survey offset stronger-than-expected jobs data.

Investors are betting the BoC will step up the size of its rate cuts to 50 basis points either at its next decision on Oct. 23 or in December.

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https://www.reuters.com/markets/tsx-futures-flat-ahead-key-domestic-jobs-data-2024-10-11/