Australian shares gain ahead of crucial US jobs report

ASX
After the ASX hit near correction levels this week, traders are wondering if the worst is over. -AAP Image

The local share market has finished higher ahead of a crucial jobs report out of the United States that could determine if the bottom is in.

The benchmark S&P/ASX200 index on Friday closed up 28.7 points, or 0.41 per cent, to 6,954.2, while the broader All Ordinaries added 25.5 points, or 0.36 per cent, to 7,143.0.

For the week the ASX200 fell 1.3 per cent in its third straight week of losses.

It's also down 1.2 per cent for the year after closing at an 11-month low on Wednesday. 

The Australian dollar was buying 63.64 US cents, from 63.57 US cents at Thursday's ASX close.