TORONTO -- North American markets began the week with big advances amid continued optimism among traders that sluggish U.S. employment figures make it unlikely that the U.S. Federal Reserve will raise interests rates any time soon.

In Toronto, the S&P/TSX composite rose 241.61 points to 13,581.35, bolstered by increases in oil and base metals prices.

The commodity-sensitive Canadian dollar also moved higher, up 0.43 or a U.S. cent to 76.39 cents US.

On the commodity markets, the November contract for benchmark crude oil was up 69 cents at US$46.23 a barrel, while November natural gas was unchanged at US$2.45 per thousand cubic feet. December was down 40 cents at US$1.136.20 an ounce, while December copper gained three cents to US$2.35 a pound.

In New York, the Dow Jones industrial average soared 291.04 points to 16,763.41, adding to a 200-point gain Friday in wake of the disappointing jobs report from the U.S. Labor Department. It showed the American economy added only 142,000 positions in September, a much lower figure than the 200,000 anticipated on Wall Street.

The broader S&P 500 index advanced 34.90 points to 1,986.26 and the Nasdaq gained 73.70 points to 4,781.47.

Last week's U.S. jobs report is seen as positive by investors since ultra-low interest rates since the 2008 financial crisis have helped push up stock prices.

Fed chairwoman Janet Yellen has cited strength in the U.S. jobs market as an important factor as the U.S. central bank determines when to increase interest rates.

The Fed next meets at the end of this month and again in late December.

"The absolutely weak non-farm payrolls data complicated the Fed's resolve to raise rates this year," IG analyst Bernard Aw wrote in a report. "The soft jobs numbers in the last two months certainly make (an) October rate (increase) an even more unlikely endeavour."

In corporate news, Suncor Energy (TSX:SU) is making a hostile bid to take over Canadian Oil Sands Ltd. (TSX:COS), the largest partner in the massive Syncrude mine.

Suncor is offering $4.3 billion in its own stock and would take on about $2.3 billion in COS debt, bringing the total price tag to $6.6 billion. On the Toronto Stock Exchange, Suncor shares were down 80 cents of 2.26 per cent at $34.56 at midafternoon, while COS stock jumped $3.03 or almost 50 per cent to $9.22.

- With files from The Associated Press.