The S&P/TSX composite index closed up 443.85 points or 3.1 per cent to 14,958.09 after losing 1,660.78 points on Monday.

The energy index plunged 17.3 per cent to its lowest level since August 2004 and crude prices were on track for their worst day in three decades as Saudi Arabia and Russia moved to significantly ramp up production after the collapse of a supply cut agreement.

Markets have endured roller coaster ups and downs for weeks amid uncertainty over how much damage the outbreak of the new coronavirus will do to the global economy.