U.S. equities pushed higher for a second day amid continuing optimism the spread of the coronavirus may be slowing in several major economies. Bonds extended declines and the dollar weakened.
Canada’s main stock index opened higher on Tuesday as a jump in oil prices boosted energy stocks. At 9:32 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 314.31 points, or 2.31 per cent, at 13,907.01. Riskier assets including stocks and corporate bonds are adding to their remarkable rebound amid the pandemic, after unprecedented and rapid stimulus by the world’s policy and law makers. Yet while fresh impetus came from flattening infection growth in much of Europe and even for two days in New York, data showed sentiment among U.S. small businesses collapsed in March.
“Optimism on the direction of equity markets will be difficult to maintain until we see more clarity on the corporate earnings outlook and until the dispersion of analysts’ forecasts subsides,” Marija Veitmane, a multi-asset strategist at State Street Global Markets, wrote in a note.
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