Stocks Hold Gains by Noon

Canada's main stock index rose on Tuesday, as markets recovered some ground after a crash in oil prices sent equities plummeting in the previous session.

The TSX Composite Index came off its highs of the morning, but remained buoyant 123.55 points, to 14,637.79

The Canadian dollar lost 0.61 cents to 72.61 cents U.S.

The largest percentage gainer on the TSX was Husky Energy , which jumped 12.3% after Canaccord Genuity upgraded the stock to "hold" from "sell".

Pason Systems fell 1.5%, the most the most on the TSX, while the second-biggest decliner was Great-West Lifeco Inc , down 0.4%.

ON BAYSTREET

The TSX Venture Exchange inched lower 2.7 points to 460.45.

All but three of the 12 TSX subgroups were back in positive country, with information technology clicking 3.5% higher, industrials higher by 3.1%, and communications, ahead 2.4%.

The three laggards were energy, down 2.6%, materials, off 1%, and real-estate, sliding 0.5%.

ON WALLSTREET

Stocks rolled over on Tuesday as investors fretted over the timing of potential fiscal stimulus to curb slower economic growth stemming from the coronavirus outbreak.

The Dow Jones Industrials held onto gains of 311.44 points, or 1.3%, to 24,162.46

Read: The Taxi Service That Plants Trees As You Go

The broader S&P 500 was positive 41.31 points, or 1.5%, to 2,784.08

The NASDAQ stayed aloft 134.15 points, or 1.7%, to 8,174.56.

The market suffered an historic selloff on Monday, with the Dow sinking 7.8% and the S&P 500 plunging 7.6%, both posting their worst day since 2008. The Dow’s 2,013-point drop was also the biggest-ever point drop for the 30-stock average.

The deep stock rout put the record-long bull market in jeopardy. As of Monday’s close, the S&P 500 was 19% below its intraday all-time high of 3,393.52 from Feb.19. The benchmark would fall into bear market territory if it slumps 20% from its peak or more.

President Donald Trump floated on Monday the idea of “a payroll tax cut or relief” to offset the negative impact from the coronavirus. The potential tax incentives come on top of an $8.3-billion spending package Trump signed last week.

However, administration officials told the media the White House is not close to rolling out specific proposals to deal with a coronavirus-induced economic slowdown

Prices for the 10-Year U.S. Treasury lost ground, raising yields to 0.63% from Monday’s 0.60%. Treasury prices and yields move in opposite directions.

Oil prices gained $2.28 to $33.41 U.S. a barrel.

Gold prices dropped $22.90 to $1,652.80 U.S. an ounce.