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Stocks Still Not out of Woods

Canada's main stock index opened flat on Tuesday, a day after it recorded its worst session in six months on widespread concerns over the coronavirus outbreak.

The TSX Composite Index opened lower by 40.12 points to 17,522.62.

The Canadian dollar poked higher 0.04 cents to 75.29 cents U.S.

Bank of Nova Scotia on Tuesday beat Wall Street estimates for quarterly profit, boosted by strong growth in its global banking and markets unit.

Scotiabank shares lost 33 cents to $72.82.

Bank of Montreal reported a 5.4% rise in quarterly profit on Tuesday, helped by strength in its Canadian personal and commercial banking as well as capital markets businesses.

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Shares in "The First Canadian Bank" slid $1.56, or 1.6%, to $97.91.


ON BAYSTREET

The TSX Venture Exchange fell 14.92 points, or 2.6%, to 567.75

All but two of the 12 TSX subgroups were lower on the day, with, health-care down 4.4%, energy sank 3.7%, and information technology slid 2.8%.

The two gainers were gold, ahead 1.5%, and materials, better by 0.5%.

ON WALLSTREET

Stocks rose on Tuesday as investors attempted to recover some of the lost ground from the previous session, which was the market’s worst in two years. However, some experts urged caution given the uncertainty around the coronavirus.

The Dow Jones Industrials regained 35.19 points to 27,995.99.

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The S&P 500 eked up 2.71 points to 3,228.60.

The NASDAQ recovered 21.76 points to 9,243.04.

Home Depot gained 1.6% to lead the Dow higher after the home-improvement retailer posted better-than-expected earnings. Communication services outperformed within the S&P 500, rising 0.3%.

Mastercard warned about the potential impact the coronavirus will have on 2020 results, sending their shares down nearly 1%.

Investors fled stocks on Monday as a surge in coronavirus cases outside of China intensified fears of a prolonged global economic slowdown.

The Dow sank more than 1,000 points, suffering its biggest point and percentage drop since February 2018. The S&P 500 plunged 3.3%, also the worst drop in two years. With Monday’s declines, the S&P 500 and the Dow both wiped out all of their 2020 gains.

South Korea raised its coronavirus alert to the “highest level,” with the latest spike in numbers bringing the total infected to more than 800.

Meanwhile, Italy has been the worst affected country outside of Asia, with more than 130 reported cases and seven deaths. Iran also confirmed 12 deaths.

Prices for the 10-Year U.S. Treasury gained sharply, lowering yields to 1.34% from Monday’s 1.37%. Treasury prices and yields move in opposite directions.

Oil prices dropped 47 cents to $50.96 U.S. a barrel.

Gold prices dumped $24.30 to $1,652.30 U.S. an ounce.