Coronavirus: Stocks surge on hopes for a $2-tn U.S. stimulus deal

Click to play video: 'Coronavirus outbreak: Trudeau concerned about retirees who may have lost their retirement savings' Coronavirus outbreak: Trudeau concerned about retirees who may have lost their retirement savings
Speaking to reporters outside Rideau Cottage on Thursday morning, Canadian Prime Minister Justin Trudeau said his government is concerned with retirees who may have seen their retirement savings evaporated in the recent stock market tumult cause by COVID-19. – Mar 19, 2020

North American stocks jumped at the open on Tuesday as signs that Washington was nearing a deal on a $2-trillion rescue package for the coronavirus emergency gave a shot of optimism to markets reeling under the biggest selloff since the global financial crisis.

The Dow Jones Industrial Average rose 1,130.26 points, or 6.08 per cent, at the open to 19,722.19. The S&P 500 opened higher by 107.04 points, or 4.78 per cent, at 2,344.44. The Nasdaq Composite gained 335.47 points, or 4.89 per cent, to 7,196.15 at the opening bell.

READ MORE: Is Ottawa doing enough to save the economy?

In Toronto, Canada’s benchmark S&P/TSX composite index was up 718.30 points at 11,946.79.

The Canadian dollar traded for 69.16 cents US compared with an average of 69.05 cents US on Monday.

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READ MORE: What will happen to Canada’s housing market amid the pandemic?

The May crude contract was up 97 cents at US$24.33 per barrel and the May natural gas contract was up 6.7 cents at US$1.740.

The April gold contract was up US$107.50 at US$1,675.10 an ounce and the May copper contract was up 10.95 cents at US$2.2100 a pound.

— With files from the Canadian Press

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