North American stock markets start trading week by surging higher

Canada's main stock index was up by triple digits to start the week on Monday, propelled by a broad-based rally on the Toronto Stock Exchange, while United States markets also rallied higher on positive coronavirus news and talks that Saudi Arabia and Russian Federation could potentially cut an oil production deal.

Materials was the weakest performer on a drop in gold prices. That's the highest level in about three weeks.

The Dow Jones Industrials gave up gains of as much as 900 points at one time, and lost 26.13 to 22,653.80. Italy and Spain, two of the hardest-hit countries, are also seeing new cases fall off. The S&P 500 index was up 92.94 points at 2,581.59, while the Nasdaq composite was up 261.20 points at 7,634.28.

Global stocks also enjoyed a second day of gains as some of the hardest hit countries in Europe and a few USA hotspots showed signs of slowing death rates.

"But a day like today reflects the fact that there is some optimism that it won't be quite as heavy or quite as persistent perhaps into the second half of the year", he said in an interview.

Some of the market volatility is attributable to the potential for the virus to spread again after the economy is slowly reopened.

The Canadian dollar gained 0.46 cents to 70.68 cents U.S.

Real estate, consumer discretionary and financials were the best sectors on the day.

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Real-Estate stocks managed to hold gains, most notably, H&R REIT, whose units sprouted $1.06, or 12.5%, to $9.52, while Dream Industrial REIT, up 78 cents, or 8.5%, to $9.91. That sent shares of Restaurant Brands International Inc., Canada Goose Holdings Inc. and Aritizia Inc. climbing 13.6, 13.4 and 12.4 per cent respectively.

Stocks closed lower on Tuesday, giving up a massive rally from earlier in the day, as Wall Street assessed the latest news on the coronavirus outbreak.

Lagging shares were Chorus Aviation Inc??, down 10.2%, Pason Systems Inc?, down 6.5%, and Frontera Energy Corp?, lower by 4.7%.

The June gold contract was down US$4.00 at US$1,689.90 an ounce and the May copper contract was up almost six cents at almost US$2.28 a pound.

The energy sector was the weakest performer on the day, still gaining almost three per cent, despite a drop in crude oil prices.

Crude oil prices were down $1.90 to $26.44.

The most heavily traded shares by volume were Bombardier Inc, Cenovus Energy Inc and Toronto-dominion Bank.

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