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TSX Rejuvenates on Energy Bounce

Canada's main stock index rose at the open on Friday, powered by energy stocks that tracked higher oil prices, as the world's biggest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession.

The TSX Composite Index gained 43.58 points to begin a stormy week’s final session at 12,214.10

The Canadian dollar was lifted 1.04 cents at 69.99 cents U.S.

The union representing flight attendants at Air Canada reports the airline will temporarily lay off more than 5,100 employees as it attempts to check the impact of the coronavirus pandemic.

Shares in the Maple Leaf Airline obtained altitude of $1.54, or 12.7%, to $13.69.

CIBC cut the target price on Northland Power to $30.00 from $33.00. Northland shares dipped 11 cents to $23.96.

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CIBC raised the rating on Transalta Renewables to outperform from neutral. Renewables shares moved ahead 41 cents, or 3.3%, to $12.80.

CIBC cut the target price on Atco Ltd. to $44.00 from $54.00. Atco shares gave back 24 cents to $34.65.

On the economic beat, Statistics Canada said retail sales rose for the third consecutive month, up 0.4% to $52.0 billion in January.

The agency acknowledges, while the impacts of the coronavirus on the retail trade sector will be more noticeable in subsequent months, respondent comments for February note that business activities have been impacted.

ON BAYSTREET

The TSX Venture Exchange grew 8.31 points, or 2.4%, to 361.98.

Seven of the 12 TSX subgroups were positive in the first hour, with health-care springing 2.7%, energy more powerful 2.5%, and consumer discretionary adding 1.9%.

The five laggards were led by gold, duller in price by 1.4%, while materials and communications stocks each slid 1.2%.

ON WALLSTREET

Read: Demand for Hand Sanitizer Creating a Substantial Investment Opportunity

Stocks rose on Friday as investors concluded a week that featured wild swings. Wall Street has been grappling with fears over the coronavirus’ economic blow, fueling historic market volatility.

The Dow Jones Industrials seesawed in the first hour, before gaining 90.69 points to 20,177.88.

The broader S&P 500 poked up 5.1 points to 2,414.49.

The NASDAQ jumped 101.66 points, or 1.4%, to 7,252.24.

The Dow entered Friday’s session down 13.4% for the week and was on pace for its biggest one-week fall since October 2008, when it slid 18.2%. The S&P 500 was down more than 11% week to date after dropping 11.5% last week. The NASDAQ was down 9.2% through Thursday’s close.

The market’s early swings come on a "quadruple witching" options expiration day, which tend to add to market volatility. Friday’s moves also follow the major averages posting solid gains in a reprieve from from the relentless selling seen in the market this week.

One expert has said the outbreak will cost U.S. corporations up to $4 trillion, and "a lot of people are going to be broke."

More than 14,000 cases of COVID-19 have been confirmed in the U.S. along with over 200 deaths, according to data from Johns Hopkins
University. Globally, more than 245,000 cases have been confirmed.

Prices for the 10-Year U.S. Treasury gained sharply, lowering yields to 1.01% from Thursday’s 1.19%. Treasury prices and yields move in opposite directions.

Oil prices removed $1.05 to $24.17 U.S. a barrel.

Gold prices restocked $20.50 to $1,499.80 U.S. an ounce.